GRIT Investment targets readmission of shares, reports interim results

(Alliance News) - GRIT Investment Trust PLC on Wednesday said it is targeting the readmission of its shares through a reverse takeover, as it reported its interim results for the twelve months ended December 21, 2023.

GRIT, a firm which invests in small and mid-capitalisation natural resources and mining companies, said it was required to report the results due to a change in the company's financial year-end to March 31, 2024, announced on April 26, 2024.

GRIT shares have been suspended from trading on the London Main Market since March 20.

The company said its pretax loss fell to GBP44,000 for the twelve months ended December 21, 2023, from a restated GBP225,000.

GRIT's cash position stood at zero, down from GBP66,000. The company declared no divided.

GRIT announced in August that it had signed non-binding heads of terms to acquire Nabirm Global LLC, a oil and gas explorer in Namibia's Walvis Basin, through a reverse takeover.

The company said it is working with advisers to advance the proposed transaction.

If the takeover is successful, GRIT said it will either seek a cancellation of its existing listing and re-list on the same market, publishing a prospectus in support of its application, or join AIM.

GRIT added that it is focused on completing this transaction to "restore shareholder value through a readmission of the company's shares."

GRIT also noted that GBP250,000 in funds secured in August had provided the company with the "resources required to pursue this strategy".

The company plans to publish its outstanding audited and interim financial statements for the subsequent reporting periods "as soon as possible".

By Roya Shahidi, Alliance News reporter

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