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Update on 9% Convertible Loan Notes

8 Oct 2015 07:00

RNS Number : 6026B
Global Resources Investment Tst PLC
08 October 2015
 



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

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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