12 Nov 2015 07:00
12 November 2015
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT")
Update on 9% Convertible Loan Notes
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, GRIT 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 announced on 2 November 2015, the Coverage Ratio had reduced to 3.94:1 and, accordingly, GRIT is in breach of this undertaking.
On 11 November 2015, a special resolution of the holders of the Loan Notes agreed, inter alia, that for the period from 11 November 2015 until 31 January 2016 (save in limited circumstances) the Coverage Ratio will be amended to 3.6:1.
Accordingly GRIT is no longer in breach of the Coverage Ratio undertaking in the Loan Note Instrument.
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 |
Grit Inv Tst (GRIT)