(Alliance News) - GRIT Investment Trust PLC on Wednesday said that it is unable to meet its obligations as a closed-ended investment fund, and has requested its shares be temporarily suspended.
GRIT invests in small and mid-capitalisation natural resources and mining companies.
The firm has requested the suspension itself, due to its inability to meet the requirement to invest and manage its assets "in a way which is consistent with its object of spreading investment risk".
GRIT said that it expects the suspension will be lifted under Listing Rule 15.4.9, if it chooses to continue as a closed-ended investment fund, and when it has submitted any proposed material change to its published investment policy to the Financial Conduct Authority for approval.
Alternatively, should GRIT decide to pursue a reverse takeover, it will cancel its existing listing under Rule 5.6.
GRIT Investment Trust shares were flat at 1.25 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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Grit Inv Tst (GRIT)