18th Aug 2014 08:02
LONDON (Alliance News) - GLI Finance Ltd Monday said its net asset value per share fell by 2.9% in the first-half, hit by a weakening of the dollar and a fall in the value of its collateralised loan obligation assets on disposal, partially offset by an increase in the value of its equity shareholding in Fair Oaks Income Fund.
GLI provides finance to small and medium sized enterprises in the UK, US and Europe.
In a trading update ahead of results for the six months ended June 30, GLI said its NAV per share fell to 48.5 pence from 49.99 pence during the period.
During the period, GLI sold its remaining direct CLO investments through sales in the market and the initial public offering of Fair Oaks Income Fund. GLI said that it has fully invested the cash proceeds of USD20.4 million in its SME finance assets. It was also issued 34.3 million shares under the deal.
FLI said the aggregate value of its platforms increased during the period, on the acquisitions of Finpoint UK in January, and TradeRiver Finance, European Receivables Exchange, and CrowdShed in February.
Over the period the volume of loans originated through GLI's platforms increased by 48% to GBP41.0 million, of which the amount GLI invested through the platforms increased by 60% to GBP8.5 million.
GLI said that it is now a "preferred partner" in the global alternative finance and marketplace lending sector.
"This has resulted in a number of opportunities to bring further complementary platforms into the GLI family over the coming months. We are also in discussions with a number of national and supra-national institutions on the provision of SME finance in their particular areas," GLI said in a statement.
GLI shares were Monday quoted down 0.6% at 53.55 pence.
By Samuel Agini; [email protected]; @samuelagini
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