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India

GLI Finance Ltd Will Close Its Supply Chain Finance Offering


Friday, 8 Feb 2019 

Feb 8 (Reuters) - GLI Finance Ltd ::GLI FINANCE LTD - CONTINUES TO GROW, WITH REVENUE FOR YEAR ENDED 31 DECEMBER 2018 ("FY18") EXPECTED TO BE APPROXIMATELY £13 MILLION.GLI FINANCE LTD - EXPECTS TO SUFFER FURTHER MATERIAL WRITE DOWNS IN ITS FINTECH VENTURES PORTFOLIO.GLI FINANCE LTD - SEVERAL OF PLATFORMS ARE FINDING IT HARDER TO RAISE FURTHER CAPITAL AT VALUATION LEVELS PREVIOUSLY EXPECTED.GLI FINANCE LTD - WHILE PERFORMANCE IMPROVED IN 2018, IT IS BEHIND MANAGEMENT'S EXPECTATIONS WITH A FORECAST OPERATING LOSS OF £1 MILLION.GLI FINANCE LTD - BELIEVES MARKET FOR SUPPLY CHAIN FINANCE HAS CHANGED SIGNIFICANTLY.GLI FINANCE LTD - CREDIT INSURERS REDUCING APPETITE TO WRITE COVER AND INCREASING PREMIUMS MARKEDLY.GLI FINANCE LTD - GROUP HAS TAKEN DECISION TO CLOSE ITS SUPPLY CHAIN FINANCE OFFERING.GLI FINANCE LTD - HAS A £1.1 MILLION EXPOSURE TO A SUPPLY CHAIN FINANCE BORROWER WHICH RECENTLY WENT INTO ADMINISTRATION.GLI FINANCE LTD - WILL PRUDENTLY RECOGNISE A PROVISION IN RESPECT OF ITS FULL EXPOSURE IN FY18. 

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2.15
0.0 +0.00%
10 Aug 2020