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GLI Finance to write down investment in platform within fintech portfolio

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GLI Finance to write down investment in platform within fintech portfolio

GLI Finance Ltd.'s shares fell 12.37% on May 28 after saying that it will write down the value of its investment in a platform held within the fintech ventures portfolio to zero, resulting in a £1.9 million fair value adjustment charge.

In a trading update, the company, which provides alternative finance services to small and medium-sized enterprises, said the platform is facing significant financial difficulties and requires immediate investment to continue trading.

GLI Finance noted the platform is in discussions with several parties to secure additional investment, but that there is no guarantee that the talks will be successful.

Meanwhile, the firm's core business, Sancus BMS Group Ltd., has continued to grow and performed in line with expectations so far, GLI Finance added.