Alternative finance group GLI Finance will ask shareholders to authorise a name change in its upcoming annual general meeting (AGM).
GLI’s board has proposed changing its name to Sancus Lending Group, which it says “reflects the ongoing simplification of the group and the increased focus of resources to delivering the business plan of its property focussed lending business”.
GLI Finance is part of the Sancus Group of companies, based in Guernsey.
The name change will be discussed during the Guernsey-based AGM on 11 May at 10.30am.
However, GLI’s directors have warned shareholders that “it may be extremely challenging to hold the AGM in the format typically expected by shareholders” since mandatory self-isolation measures are currently in place on the island. Shareholders have been urged to vote by proxy, rather than attending the AGM in person.
“The Board feels it is important to proceed with the AGM, noting that alternative practical arrangements may be required, such as an adjournment and possibly a change of time and venue,” the directors said.
“[We] strongly encourage shareholders to participate in the AGM by submitting any questions in advance and listening to the AGM remotely.”
GLI Finance shareholders recently voted in favour of a restructuring of the business, which included the refinancing of existing bonds and a £4m equity fundraise.
For the year ending 31 December 2020, GLI reported an operating loss of £5.5m – up from 2019’s operating loss of £900,000. The directors said that the widening losses were “partly due to the runoff of the BMS UK Fund and on balance sheet loans”, as well as lower transaction revenue from the impact of Covid-19.