- GLI Finance Limited has conditionally agreed to acquire Sancus Limited and Sancus (Guernsey) Limited from Sancus Holdings Limited and intragroup loans made by SHL to SL for a total consideration of £37.75m.

The payment of the consideration would involve the company issuing to SHL new ordinary shares and new redeemable zero dividend preference shares. The board is seeking shareholder approval for the new articles to be adopted in order to reflect the creation of a new class of ZDP shares and to provide for the rights attached to them.

The board believes that the ZDP shares will diversify the funding of the Company's capital structure and better align the structure with the board's expectation of the future returns from the company's business. The issue of ZDP shares is also expected to reduce the company's overall cost of capital.

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