GLI Finance has increased its stake in Trade River Finance from 9% to 43.9% and taken its interest in Trade River’s preference shares up to 100% by offering to swap shares in Trade River for shares and zeros issued by GLI Finance. A number of shareholders took up the offer and 6.2m new GLI shares have been issued.
The deal was accretive in net asset value terms for GLI shareholders and, because of the premium that GLI’s shares trade at, Trade River shareholders got out at a premium to the last valuation of Trade River.
GLIF : GLI raises stake in Trade River Finance