Last checked at 
8 Oct 2015 07:00
8 October 2015
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT")
Update on 9% Convertible Loan Notes
The Company has today announced a NAV of 35.40 pence per Ordinary Share.
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.
As a result of the NAV referred to above, the Coverage Ratio has reduced to 3:8 and, accordingly, the Company is in breach of this undertaking.
The Company has a ten day remedy period in which to restore the cover ratio to 4 times, failing which, the Loan Note holders would be able to require the immediate repayment of the Loan Notes.
The Company's Directors are carefully considering what action should be taken and will make a further announcement as appropriate.
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 |