GLI Finance Limited Increase in stake in Sancus Finance Limited (8902J)
July 03 2017 - 3:53AM
UK Regulatory
TIDMGLIF
RNS Number : 8902J
GLI Finance Limited
03 July 2017
3 July 2017
GLI Finance Limited
("GLI" or the "Company")
Increase in stake in Sancus Finance Limited
The Board announces that, on 30 June 2017, Sancus BMS Group
Limited ("Sancus BMS"), a wholly owned subsidiary of the Company,
acquired 23,209 ordinary shares in Sancus Finance Limited ("Sancus
Finance"), formerly Platform Black Limited, representing 10% of the
issued ordinary share capital of Sancus Finance, taking its holding
to 98.23%. The ordinary shares were purchased from private
investors (the "Minority Investor Group") by Sancus BMS for
GBP350,000 in cash. The ordinary shares were originally acquired by
the Minority Investor Group (as announced by the Company on 29 July
2016) at the same valuation, but the operational relationship has
not developed as envisaged at that time and greater flexibility is
required going forward.
Sancus BMS has also purchased 200,000 preference shares from the
Minority Investor Group at par for a total consideration of
GBP203,490 in cash, including the accrued interest, again reversing
the transaction which took place on 29 July 2016.
As part of this transaction, all further rights held by the
Minority Investor Group were also cancelled. These include the
option to acquire for cash a further 20% of Sancus Finance's
ordinary share capital from Sancus BMS at a GBP5m valuation and the
right to appoint three Non Executive Directors to the Board of
Sancus Finance.
Sancus Finance is increasingly being run on a combined basis
with Funding Knight which is a 100% owned subsidiary of GLI.
Increased ownership of Sancus Finance provides greater flexibility
to deliver the synergies associated with running the two businesses
alongside each other. By combining offices and some elements of
infrastructure, significant cost reductions have been achieved,
including through lower staff numbers. A new combined sales team
has been recruited to offer an enhanced and wider product range in
the second half of 2017 offering a one stop solution to the SME,
Property and Education sector offering increased revenue
potential.
Sancus Finance recorded turnover and a post-tax loss of GBP0.9m
and GBP2.0m respectively in the eighteen months ended 31 December
2016. Sancus Finance's net assets at 31 December 2016 were GBP0.9m.
Sancus Finance became a subsidiary of Sancus BMS on 30 June
2016.
For further information, please contact:
GLI Finance Limited
+44 (0)1534
Andy Whelan 708900
Liberum Capital Limited (Nominated
Adviser and Corporate Broker)
+44 (0) 207
Steve Pearce 100 2000
Chris Clarke
Jonathan Wilkes-Green
Instinctif Partners (PR Advisor)
+44 (0)207
Tim Linacre/Nick Woods 457 2020
About GLI Finance
GLI is an AIM listed innovative alternative finance business,
which owns a niche SME lender, Sancus BMS that operates in 6
jurisdictions - UK, Ireland, Jersey, Guernsey, Gibraltar and the
Isle of Man, and a portfolio of emerging FinTech SME-focussed
lending platforms that are located on 3 continents.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKNDPOBKKDOK
(END) Dow Jones Newswires
July 03, 2017 03:53 ET (07:53 GMT)
Sancus Lending (LSE:LEND)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sancus Lending (LSE:LEND)
Historical Stock Chart
From Apr 2023 to Apr 2024