28th May 2019 14:34
LONDON (Alliance News) - GLI Finance Ltd on Tuesday said it will write down the value of its investment in an unnamed tech platform to zero, resulting in a GBP1.9 million charge of fair value adjustment.
The investment company said that the platform, held within its FinTech Ventures portfolio, is facing "significant financial difficulties" and requires immediate investment to continue trading.
Therefore, GLI has decided to exit the investment which it believed to be the most "appropriate" course of action.
Meanwhile, the company's core business, Sancus BMS Group Ltd, "continues to grow" and has performed in line with expectations so far in the year to date, GLI Finance added.
GLI Finance shares were trading up 0.6% at 4.88 pence each on Tuesday afternoon.
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