Business
Proposed fundraising and notice of EGM
Proposed fundraising and notice of EGM.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 3360O GLI Finance Limited 08 February 2016 \n\n8 February 2016\nGLI Finance Limited\n(\"GLI\" or the \"Company\")\nProposed fundraising and notice of Extraordinary General Meeting\nFollowing GLI's announcement on 21 December 2015, the Board confirms that, on 5 February 2016, the Company agreed binding terms for the entry into a strategic relationship with Golf Investments. \nThe Board intends to use the proceeds from implementation of the Proposals to substantially repay the outstanding balance on the Company's existing loan facility with Sancus (the \"Loan Facility\") and for general corporate purposes. The Board believes that the terms it has agreed with Golf Investments will reduce the Company's overall cost of capital, help to accelerate the growth of GLIAM and GLIAF and substantially repay the Loan Facility. \nImplementation of the Proposals is subject, inter alia, to the approval of Ordinary Shareholders at an Extraordinary General Meeting to be held on 25 February 2016. A circular, including a notice convening the Extraordinary General Meeting, has been posted to Shareholders and will also be available to view on the Company's website at www.glifinance.com.\nEnquiries\n \nGLI Finance Limited\nAndy Whelan\n+44 (0)1534 708900\n \nPanmure Gordon (Nominated Adviser and Corporate Broker)\nDominic Morley\n+44 (0)20 7886 2954\nPeter Steel\n+44 (0)113 357 1152\nTom Salvesen\n+44 (0)20 7886 2904\n \nInstinctif Partners (PR Advisor)\nNick Woods / Tim Linacre\n+44 (0)207 457 2020\n \nIntroduction\nYour Board announced on 21 December 2015 (the \"Announcement\") that the Company was at an advanced stage of negotiations with a view to entering into a strategic relationship with Golf Investments Limited (\"Golf Investments\"), part of the Somerston group of companies. As part of these negotiations, on 21 December 2015, GLI agreed to issue 15,000,000 new Ordinary Shares to Golf Investments at a price of 37 pence per Ordinary Share, raising gross proceeds of £5.55 million (the \"Ordinary Share Issue\"). These shares were admitted to trading on AIM on 31 December 2015. \nThe Announcement also made reference to GLI having agreed indicative terms with Golf Investments, with a view to providing the Group with further capital. The Board announces that on 5 February 2016, the Company entered...