22nd Jan 2014 08:54
LONDON (Alliance News) - GLI Finance Ltd Wednesday said its net asset value fell over the last three months of 2013, mainly due to a fall in the value of its US dollar collateralised loan obligations.
In a statement, the small- and medium-sized enterprise finance company said its net asset value was 50.0 pence at the end of December, down from 51.8 pence at the end of September.
"During the quarter, the company negotiated a number of transactions that the Board believes will provide the platform with the opportunity to develop its SME finance business in the UK, in Europe and in the US," it said in a statement.
"The board expects the coming year should be another year of significant positive change for the business, as it continues to diversify its revenues by asset and geography, whilst maintaining its strategic focus on SME finance," it added.
GLI Finance reiterated that it is working with GMB Partners on the optimal way for it to realize value from its CLO investments over time. It said it is already preparing to transfer the CLO portfolio into a separately listed fund, and it intends to assess market support for an offering in the first half of this year.
GLI Finance shares were down 0.4% at 50.448 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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