GLIF : GLI buying out rest of Sancus
GLI Finance is to buy out the other shareholders in Sancus in a deal that values Sancus and its portfolio of loans at £37.75m. £17.75m of the purchase price will be paid in 31.4m new shares in GLI Finance worth £17.75m (valuing those shares at 56.5p). GLI will also issue 20m 5.5% zero dividend preference shares maturing in 2019. These won’t be listed to start off with.
The statement says Sancus has made loans totalling £47.6m since it launched in January 2014
Andrew Whelan, who runs Sancus, will join GLI’s Board to take up a new position as Director of Lending.
Shareholders get to vote on the deal on 12 December.
James Carthew, who wrote this news item, is a non-executive director of GLI Finance