26th Mar 2014 13:53
LONDON (Alliance News) - GLI Finance Ltd Wednesday said its net asset value was broadly stable in 2013 as it revamped its strategy over the year.
Net asset value crept up to 49.99 pence per share at the end of 2013, compared with 49.09 pence at the end of 2012. GLI paid GBP6.6 million in dividends over 2013, compared with GBP4.9 million in 2012.
GLI has been focusing its strategy towards origination of small and medium-enterprises finance through platforms it partly owns, moving itself away from investing only in loans originated by third parties.
On Wednesday, it said it is looking at the potential to segregate its collateralised loan obligation portfolio in a subsidiary, to which it may be possible to attract third-party funding. GLI said its intention would be to consider a separate listing of the CLO portfolio over time.
GLI Finance said it has an interest in ten SME finance platforms, five of which were held at the year end, five of which were acquired since the year end.
"In exploring this potential, our overriding consideration will be to ensure that, in aggregate, company shareholders will receive at least as high a dividend as they do currently," Patrick Firth, Chairman, said in a statement.
"In the last twelve months we have seen nine new investments being made with SME Lenders, and we now have a diversity of platforms offering a comprehensive range of SME finance solutions," Firsth said.
"The continuing low interest rate environment and increasing confidence of investors in financial assets has brought more and more competition into the mainstream loan markets, and our preference remains to seek more niche opportunities with greater potential for sustainable competitive advantage across the economic cycle," Firth added.
GLI shares were Wednesday quoted at 58.40 pence, down 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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