The company is currently undertaking a strategic review of its operations in order to maximise the potential from its investment portfolio and instil a far higher degree of financial discipline. The first step has been to significantly deleverage GLI Finance's balance sheet, a process that led to a capital raise with Somerston, the details of which I outlined at the start of this year ('GLI shelves fundraise and chief executive', 6 January 2016), and which has seen GLI Finance's borrowings halved to £14.86m. Somerston is a privately-owned group of companies based in Jersey and is primarily focused on real estate investment and private equity and venture capital.
GLI Finance also owes £20.79m on the zero dividend preference (ZDP) shares it issued to the vendors of Sancus, an offshore alternative secured lending business, which makes loans to Channel Islands-based entrepreneurs, SMEs, high net worth individuals and professionals.