StockMarketWire.com - GLI Finance has raised £7.1m, gross, through a placing of 23,020,560 new ordinary shares at 31p apiece.

The placing has been fully underwritten by Golf Investments Limited, a member of the Somerston group of companies, at the placing price. Panmure Gordon (UK) Limited will undertake an accelerated bookbuilding process over a maximum of 5,338,426 placing shares immediately and to the extent that placees are not procured for these shares, Golf will subscribe the balance together with the remaining 17,682,134 placing shares.

The placing price of 31p represents a premium of approximately 14.3% to the closing middle market price of 27.125 pence per ordinary share on 8 August.

GLI also issued an update on the company's strategic review.

It said the most significant change in the company's strategy as a result of the strategic review is the creation of a 3 Pillar strategy, against which rapid progress has been made: - Pillar 1 is the newly created Sancus BMS Group - a profitable niche lender, currently based in 5 jurisdictions;

- Pillar 2 represents GLI's "prioritised" platform investments as a FinTech platform portfolio;

- Pillar 3 covers Amberton Asset Management Limited ("Amberton"), which manages GLI Alternative Finance plc ("GLIAF"), in which GLI also has an investment. GLI has announced significant progress in recent months in the formation of Pillar 1, covering the consolidation of the Sancus, BMS and Platform Black brands into the Sancus BMS Group, as well as the recent transaction in which third party investors committed up to £50 million of loan funding to Platform Black Limited. With regard to Pillar 2, GLI has created a new wholly owned subsidiary of the Company, FinTech Ventures Limited. In order to best manage their value, the Company is currently in the process of transferring certain platform investments into FinTech Ventures. Other interests may be transferred under FinTech Ventures' ownership in due course as GLI concludes its strategic review of the platform portfolio. This will allow management to focus on this portfolio of investments, facilitate separate performance reporting and potentially, in time, enable the separate funding of FinTech Ventures' future capital requirements.

With regard to Pillar 3, the board of GLIAF has decided to change GLIAF's name to The SME Loan Fund plc (this change will become effective on 31 August 2016). In addition, on 3 August 2016 the shareholders of GLIAF agreed changes to GLIAF's investment mandate which will allow Amberton greater flexibility in managing the underlying loan portfolio.








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