Completion of increased Platform Black investment

RNS Number : 5076X

GLI Finance Limited

01 September 2015

 

  1 September 2015

GLI Finance Limited completes increased investment in Platform Black Limited

The board of GLI Finance Limited ("GLI" or "the Company") announces that on 18 August 2015 the Company completed the increase of its stake in the equity of Platform Black Limited ("Platform Black", a UK-based peer-to-peer invoice trading and supply chain finance business), acquiring a further 12.1% of the equity. GLI now holds 44% of Platform Black's ordinary shares, having held a 20% stake in the business since September 2013, which the Company then increased to 31.9%, as announced in June 2015.

John Regan and Jason Batten, both Platform Black board directors, have joined GLI Finance in increasing their stakes in Platform Black, to 20% each. Mr Regan and Mr Batten provided initial seed funding to Platform Black and have each held a significant share of the business since August 2012.

The transaction was part of a wider sale of ordinary shares by two of Platform Black's founders, Louise Beaumont and Colin Levins.

John Regan, Director of Platform Black, said: "Platform Black has made huge headway over the last year and is going from strength to strength. I am delighted with the opportunity to take a larger stake in this exciting business."

Geoff Miller, Chief Executive of GLI, added: "We made our decision to increase GLI's stake in Platform Black in June this year but completed the transaction in two stages in order to allow the other major shareholders the opportunity to join us. We are very pleased to see that they share our confidence in the recent operational and personnel changes at Platform Black as well as the performance of the business."

-ENDS-

For further information, please contact:

GLI Finance Limited

Geoffrey Miller

[phone]

[phone]

Panmure Gordon

Dominic Morley

[phone]

Peter Steel

[phone]

Tom Salvesen

[phone] 

Camarco

Ed Gascoigne-Pees

[phone]

[phone]

Hazel Stevenson

[phone]

[phone]

About GLI Finance

GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on AIM.  GLIF both invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.

 

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