GLI Finance issues 23m new shares

9th Aug 2016 16:08

(ShareCast News) - GLI Finance announced that it had placed 23m new ordinary shares at 31p to raise £7.1m.GLI Finance's alternative finance platforms were focused on delivering financial solutions to small and medium enterprises (SMEs).The placing was fully underwritten by Golf Investments, a member of the Somerston group. Panmure Gordon was to undertake an accelerated bookbuilding process for relevant persons over a maximum of 5.3m placing shares following this announcement. Golf would subscribe the balance together with the remaining 17.68m placed shares.An application would be made for the placing shares to be admitted to trading on AIM. The board expected that would take place by 22 August 2016.Share price fell 7.17% to 25.18p at close on Tuesday.