25 May 2023 13:35
For immediate release 25 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
25 May 2023
GRIT Investment Trust plc
("GRIT" or "the Company")
Announcement of the completion of CVA
GRIT Investment Trust Plc (LSE:GRIT) is pleased to announce that the Company Voluntary Arrangement ("CVA") approved by creditors on the 21st December 2020 was successfully completed on the 18th May 2023 following approval of the Company's proposed variation to creditors to bring the CVA to an early conclusion.
The CVA creditors received a total of 83.06p in the £1, which favourably compares to the 20p in the £1 in the original CVA proposals approved by creditors. The CVA was a composition in full and final settlement of the Company's debts as at the date of approval, 21st December 2020. The CVA creditors have accepted this payment in full and final settlement and cannot pursue the Company for any balance due to them in respect of those debts following the successful completion of the CVA.
Having completed the CVA, the Board are now looking forward to the future, free from its historic debts and will continue to seek new opportunities for the Company.
Enquiries:
GRIT Investment Trust plc
Richard Lockwood
Chairman
Tel: +44 (0) 20 3198 2554
Peterhouse Capital Limited (Broker)
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7469 0930
Grit Inv Tst (GRIT)