StockMarketWire.com - GLI Finance has increased its stake in Platform Black Limited, a UK-based peer-to-peer invoice trading and supply chain finance business to 31.9%. GLI has held a 20% stake in Platform Black since September 2013.

GLI Finance said this transaction, part of a wider sale of shares by former management of Platform Black and valuing the issued ordinary share capital of the business at £2.5m, was effected by the acquisition of ordinary shares held by Louise Beaumont in Platform Black.

Beaumont is GLI's head of public affairs and marketing and one of Platform Black's co-founders.

To satisfy the consideration for this acquisition, GLI will issue 511,529 GLI ordinary shares to Beaumont.

Beaumont's resultant interest in the capital of the company is in 511,529 ordinary shares, representing 0.2% of the company's enlarged issued ordinary share capital.

Separtately, GLI announced that its unaudited net asset value per share as at 31 March was 54.56p, an increase of 7.1% from the NAV per share of 51.0p as at 31 December.

The increased strength of the dollar against sterling in the quarter increased the NAV by 1.4%. The remaining increase was as a result of platform revaluations.


At 8:30am: [LON:GLIF] GLI Finance Ltd share price was +1p at 56.25p



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