1 Mar 2016 07:00
For Immediate Release 1 March 2016
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT" or the "Company")
Update on Proposed Subscriptions and Open Offer
Update on 9% Convertible Loan Notes
Further to the announcement by the Company on 26 January 2016, the board of directors of GRIT (the "Board") announces that it is in discussions with Primestar Energy FZE ("Primestar") to extend beyond 29 February 2016 the date by which the proposals described in that announcement, including the subscriptions and an open offer, are required to be completed.
The Board is also in discussions with LIM Asia Multi-Strategy Fund Inc. with respect to extending beyond 29 February 2016 the period during which its holding of £3,500,000 in principal amount of 9% Convertible Loan Notes 2017 ("CULS") may be redeemed early.
In addition, the Board confirms that it is seeking noteholder approval for the amendment of the loan note instrument dated 27 February 2014 constituting the CULS, to provide that the coverage ratio for the value of the Company's investment portfolio to the principal outstanding amount of CULS is reduced to 3:1 on a temporary basis.
The Board expects to be able to make a further announcement shortly.
It is now expected that the audited results of the Company for the 16 month period to 31 December 2015 will be published by the end of April 2016.
Enquiries to:
David ("Sam") Hutchins, RDP Fund Management LLP Investment Manager | Tel: +(0) 20 7290 8540 |
Martin Cassels R&H Fund Services Limited Company Secretary and Administrator | Tel: +(0) 131 550 3760 |
Roland Cornish Beaumont Cornish Limited Financial Adviser | Tel: +(0) 20 7628 3396 |
Grit Inv Tst (GRIT)