GLI Finance Limited announced, on 17 November 2015, plans to consider the issue of further securities in order to refinance certain existing borrowings as well as to provide additional working capital and finance growth. The related prospectus and circular to shareholders were published on 3 December 2015. One option detailed in this Circular is to replace GLI’s current loan facility with convertible unsecured bonds with a lower running interest cost. In the intervening period since the publication of prospectus, GLI Finance’s share price has moved down and its Board has now made an announcement that explicit says that it will not consider a CULS issue with a conversion price below the current NAV of the company. The Company’s unaudited NAV per share as at 30 September 2015 was 52.30p. A detailed breakdown of this NAV is available on GLI Finance’s website.
GLI Finance will not issue CULS with a conversion price below NAV : GLIF