logo-loader
RNS
viewGLOBAL RESOURCES INVESTMENT TRUST PLC ORD GBP0.01

Result of AGM, Board Changes, Disposal and Update

/**/ h1{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:2.0cm;text-align:justify;text-indent:-2.0cm;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";text-transform:uppercase;}h2{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:2.0cm;text-align:justify;text-indent:-2.0cm;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight:normal;}h3{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:2.0cm;text-align:justify;text-indent:-2.0cm;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight:normal;}h4{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:96.4pt;text-align:justify;text-indent:-39.7pt;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight:normal;}h5{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:124.75pt;text-align:justify;text-indent:-1.0cm;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight:normal;}h6{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:138.9pt;text-align:justify;text-indent:-14.15pt;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight:normal;}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;} .az{size:21.0cm 842.0pt;margin:127.6pt 70.9pt 70.9pt 70.9pt;}div.az{}p.bw{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight: bold}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";}p.bx{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight: bold; text-align: center}table.by{width:471.5pt;margin-left:-.75pt;border-collapse:collapse}tr.bj{height:15.0pt}td.bq{border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.bz{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";line-height: normal; text-align: left}span.bs{font-size:8.0pt;font-family:"Calibri","sans-serif";color:black} td.bp{border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.bn{width:77.9pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.ca{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";font-weight: bold; line-height: normal; text-align: center}td.bm{border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid black 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.bl{border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.bk{border:solid windowtext 1.0pt;border-left: none;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}tr.bf{height:48.75pt}td.bi{border:solid windowtext 1.0pt;border-top:none; padding:0cm 5.4pt 0cm 5.4pt;height:48.75pt}td.bh{border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt; border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:48.75pt}td.bg{width:34.55pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:48.75pt} td.be{border:solid windowtext 1.0pt;border-top: none;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.cb{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";line-height: normal; text-align: right}td.bc{width:34.55pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.cc{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:11.0pt;font-family:"Univers","sans-serif";text-decoration: underline} /**/
RNS Number : 6292K
Global Resources Investment Tst PLC
30 August 2019
 

 

 

Global Resources Investment Trust PLC

LEI: 2138005OJKGWG3X4SY51

For immediate release                                              30 August 2019

 

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or "the Company")

 

Result of Annual General Meeting

Board Changes

Proposed disposal of Anglo African Minerals plc

Ongoing Strategy

Holdings in Company

 

Annual General Meeting Statement

 

At the Company's adjourned Annual General Meeting ("AGM") held yesterday afternoon, all Resolutions put to the meeting were passed. The detailed voting analysis is contained in the table below:



For

Against

Discretion

Votes Withheld


Resolution

Description

Votes

% Votes Cast

Votes

% Votes Cast

Votes

% Votes Cast

Votes

Total Votes Cast (excl. Votes Withheld)

RES:001

REPORT AND ACCOUNTS     

1,450,000

100.00

0

0.00

0

0.00

8,265

1,450,000

RES:002

REMUNERATION POLICY     

1,450,000

100.00

0

0.00

0

0.00

8,265

1,450,000

RES:003

REMUNERATION REPORT     

1,450,000

100.00

0

0.00

0

0.00

8,265

1,450,000

RES:005

RE-APPOINT AUDITOR      

1,450,000

99.43

8,265

0.57

0

0.00

0

1,458,265

RES:006

CONT AS INVESTMENT TRUST

1,450,000

99.43

8,265

0.57

0

0.00

0

1,458,265

RES:007

ALLOT RELEVANT SECURITIES

1,450,000

99.43

8,265

0.57

0

0.00

0

1,458,265

RES:008

ALLOT EQUITY SECURITIES 

1,450,000

99.43

8,265

0.57

0

0.00

0

1,458,265

RES:009

MAKE MARKET PURCHASES   

1,458,265

100.00

0

0.00

0

0.00

0

1,458,265

 

As Mr Farrell had agreed to retire from the board of directors of the Company from the conclusion of the AGM, the resolution to re-elect him was withdrawn.

 

Board & Company Secretary Changes

 

Following the conclusion of the AGM, the board of directors of the Company made the following appointments of new Directors of the Company:

 

·    Martin Lampshire (Executive Director)

 

Current directorships:

 

-     Bould Opportunities Plc

 

·    James Normand (Non-Executive Director)

 

Past directorships within the last 5 years:

 

-     Pathfinder Minerals plc

 

-     Central Rand Gold Limited

 

-     Nyota Minerals Limited

 

·    Stephen John Roberts (Non-Executive Director)

 

Past directorships within the last 5 years:

 

-     Grand Group Investment PLC

 

-     Mining Investments Resources PLC

 

There is no further information required, in respect of any of the new directors listed above, to be disclosed under LR 9.6.13.

 

Following the above appointments, Simon Farrell, Haruko Fukuda and David Hutchins stood down from the board with immediate effect.

 

James Normand succeeded Simon Farrell as chairman of the Company and Martin Lampshire will act as executive director.

 

With effect from 2 September 2019, Peterhouse Capital Management Limited will be taking over as the company secretary of the Company.

 

Anglo African Minerals plc ("AAM")

 

The Company announces that yesterday afternoon it entered into irrevocable undertakings with Makar Navis d.o.o. ("MN") in connection with the offer by MN to acquire the entire issued share capital of AAM at US$0.03 per share and the entirety of the convertible loan notes issued by AAM, and to discharge all of the liabilities of AAM owed to the Company ("Debts").

 

During the period commencing on the date of the irrevocable undertakings and ending 4 months thereafter, the Company has, inter alia, irrevocably undertaken to accept the above offer and not deal with the shares in AAM held by the Company and the Debts.

 

If the above offer goes unconditional, the Company will receive an aggregate of c. US$5.2 million from MN and AAM (equivalent to approximately 10.4p per ordinary share, based on the current issued share capital of the Company and prevailing exchange rates). This aggregate consideration will comprise, c. US$3.3 million for the AAM shares and at least US$1.9 million for the Debt.

 

The board of directors of the Company has agreed that such proceeds will not be utilised without first consulting with the major shareholders of the Company.

 

In the event that the above offer does not proceed, the board of directors of the Company will investigate other means of future funding.

 

The completion of the above disposal in due course would result in a material uplift in the Company's NAV per share to be calculated at the time.

 

Ongoing Strategy

 

The new board of directors of the Company currently intends to continue the existing investment policy of the Company and will provide further information on its strategy to grow the Company as and when appropriate.

 

Holdings in Company

 

The Company has been advised recently that Mr Hutchins, now a former director of the Company, sold 1,259,820 ordinary shares in the Company on 21 March 2019 at a price of 2.5p per share.  Accordingly, his shareholding on page 11 and the table at page 12 of the Company's Annual Report carried out of date information on Mr Hutchins' holding in the share capital of the Company.  A TR-1: Standard form for notification of major holdings will be released upon receipt from Mr Hutchins.

 

All Enquiries:

 

Martin Lampshire

Executive Director

07458645184


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCEAXPNADLNEFF

Quick facts: GLOBAL RESOURCES INVESTMENT TRUST PLC ORD GBP0.01

Price: 4.95

Market: LSE
Market Cap: £2.08 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE