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GLOBAL RESOURCES INVESTMENT TRUST PLC ORD GBP0.01 RNS Release

Proposed Subscription and Open Offer

RNS Number : 7083H
Global Resources Investment Tst PLC
19 August 2016
 

                                          ;                                           60;                                            19 August 2016

 

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or the "Company")

 

Proposed Subscription and Open Offer

 

On 28 June 2016 the board of directors of GRIT (the "Board") announced a number of proposals ("Proposals") including that it had entered into a subscription agreement with RDP Fund Management LLP under which RDP agreed conditionally to subscribe for a total of 40,000,000 new ordinary shares of £0.01 in GRIT ("Ordinary Shares") raising £2.0 million for the Company and that  existing shareholders would be given the opportunity to subscribe for up to 10 million Ordinary Shares on the same basis to raise a further £0.5 million for the Company through an open offer.

 

The Board has further discussed the Proposals with the Company's largest shareholders and has concluded that there is insufficient shareholder support to proceed with the Proposals, which will not now take place.

 

The Company will repay £1.0 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM Asia Multi-Strategy Fund Inc ("LIM") before the end of August 2016.  It expects to repay the balance of £2.5 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM from the proceeds of continuing portfolio realisations.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

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 / Emily Staples

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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GLOBAL RESOURCES INVESTMENT TRUST PLC ORD GBP0.01 Timeline

Newswire
December 05 2014

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