- GLI Finance Limited has increased its stake in TradeRiver Finance to 43.9% of the ordinary shares and 100% of the preference shares.

GLI has held a 9% stake in the ordinary shares of TRF, a global online trade finance company for SMEs, since January 2014.

This transaction was effected by offering (a) one GLI ordinary share of nil par value or 0.64 GLI redeemable zero dividend preference share to TRF ordinary shareholders for each TRF ordinary share in issue; and (b) ZDPs to TRF preference shareholders for each TRF preference share in issue on a £1 for £1 basis.

To satisfy the acquisition, GLI will issue 6,187,394 Ordinary Shares and 791,418 ZDPs to TRF's ordinary shareholders and preference shareholders.

Based on the closing mid-market price per Ordinary Share of 57.5p at 27 March (the latest practicable date prior to this announcement), the valuation of TRF's entire issued ordinary share capital implied by the acquisition represents an 11.4% premium to GLI's holding valuation of £9.1 million as at 31 December 2014. Based on GLI's net asset value of 51.00 pence per Ordinary Share as at 31 December 2014, TRF's implied NAV represents a 1.2% discount to GLI's holding valuation of TRF as at 31 December 2014.

At 9:14am: [LON:GLIF] GLI Finance Ltd share price was 0p at 57.5p

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