Last checked at 
11 Mar 2016 16:45
11 March 2016
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT")
Update on 9% Convertible Loan Notes
and on
Proposed Subscription
By a loan note instrument by deed poll dated 27 February 2014 ("Loan Note Instrument"), the Company issued £5,000,000 nominal of 9 percent per annum convertible unsecured loan notes ("Loan Notes"). Under clause 6.5.7 of the Loan Note Instrument, the Company gave an undertaking to ensure that the Coverage Ratio (being the ratio of the value of its investment portfolio to principal amount of the outstanding Loan Notes) is at all times no less than 4:1.
The Company announced on 7 March 2016 that it was in breach of this undertaking. The Company is unable to restore the required Coverage Ratio and is therefore beginning the process of realising sufficient portfolio assets to repay the Loan Notes and de-leverage the Company.
In addition, with reference to the announcement of 1 March 2016, the Company has not been able to come to an agreement with Primestar Energy FZE and LIM Asia Multi-Strategy Fund Inc. relating inter alia to the subscription, open offer and early redemption of Loan Notes and the reduction of the required Coverage Ratio.
Enquiries to:
David ("Sam") Hutchins, RDP Fund Management LLP Investment Manager | Tel: +(0) 7290 8540 |
Martin Cassels R&H Fund Services Limited Company Secretary and Administrator | Tel: +(0) 131 524 6140 |
Roland Cornish Beaumont Cornish Limited Financial Adviser | Tel: +(0) 7628 3396 |