; 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.
David ("Sam") Hutchins,
RDP Fund Management LLP
Tel: +(0) 7290 8540
R&H Fund Services Limited
Company Secretary and Administrator
Tel: +(0) 131 524 6140
Roland Cornish / Emily Staples
Beaumont Cornish Limited
Tel: +(0) 7628 3396
This information is provided by RNS