GLI Finance has announced that, following its previous announcement on 21 December 2015 regarding the development of a strategic relationship with the Somerston Group of companies, that it has agreed binding terms with Golf Investments (a newly formed special purpose vehicle that is part of the Somerston Group). Somerston will be providing finance to GLI and the Board says that it intends to use the proceeds from implementation of the Proposals to substantially repay the outstanding balance on the Company’s existing loan facility with Sancus and for general corporate purposes. They say that they believes that the terms agreed will reduce the Company’s overall cost of capital, help to accelerate the growth of GLIAM and GLIAF and substantially repay the Loan Facility. Implementation of the Proposals is subject to approval by ordinary shareholders at an EGM to be held on 25 February 2016. A circular, including a notice convening the EGM, has been posted to Shareholders. Rather than cutting and pasting the text, we have included a copy of the announcement below.

20160208 GLIF RNS Announcement

GLIF : GLI Finance calls EGM to approve Somerston deal