1st Jun 2015 08:19
LONDON (Alliance News) - GLI Finance Ltd Monday said its net asset value per share rose 7.1% over the first quarter of 2015, mainly due to platform revaluations, and it has raised its stake in Platform Black Ltd to 31.9% from 20%.
The provider of finance to small- and medium-sized businesses in the UK, US and Europe, said its net asset value per share stood at 54.56 pence on March 31, up from 51.0p at the end of December, with the rise in the US dollar boosting NAV by 1.4%. The rest of the increase came from platform revaluations.
GLI said the values of LiftForward and Finexkap increased as the growth of origination in both accelerated markedly. Sancus' value increased as a result of the satisfaction of all conditions of the transaction for completion and distribution of GLI ordinary shares to Sancus Holdings Ltd shareholders.
The value of Platform Black was written down to reflect the level at which a sale has been agreed of 29% of the share capital by certain existing investors to GLI, Platform Black's management, staff and other external investors. Platform Black is a UK-based peer-to-peer invoice trading and supply chain finance business.
GLI said that as a result of this deal, its stake in Platform Black has increased to 31.9%, from the 20% stake it has held since September 2013. GLI will issue 511,529 of its shares to Louise Beaumont for the increased stake. Beaumont is GLI's head of public affairs and is one of Platform Black's co-founders.
"Our decision to increase GLI's stake in Platform Black, along with other changes to its share register, reflects the significant recent operational and personnel changes made by the company's management. We believe that Platform Black today is a much stronger business than it was a year or so ago, with the resilient processes and procedures that give it the potential to accelerate profitable growth, through its supply chain finance and partnerships businesses," GLI Chief Executive Geoff Miller said in a statement.
GLI Finance also said that a number of strategic talks are underway that could "accelerate the development of the existing platforms, the asset management aspirations of the company and the potential of the business to exploit other areas of the SME finance value chain".
"The platforms are all performing well, many are ahead of our expectations and we expect significant developments in the second half of this year," it said without giving any further details.
GLI Finance shares were up 2.3% at 56.50 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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