TIDMGRIT
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:
Votes
For Against Discretion Withheld
------------ -------------- ------------------- -----------
Total
Votes Cast
(excl.
% Votes % Votes % Votes Votes
Resolution Description Votes Cast Votes Cast Votes Cast Votes Withheld)
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
REPORT AND
RES:001 ACCOUNTS 1,450,000 100.00 0 0.00 0 0.00 8,265 1,450,000
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
REMUNERATION
RES:002 POLICY 1,450,000 100.00 0 0.00 0 0.00 8,265 1,450,000
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
REMUNERATION
RES:003 REPORT 1,450,000 100.00 0 0.00 0 0.00 8,265 1,450,000
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
RE-APPOINT
RES:005 AUDITOR 1,450,000 99.43 8,265 0.57 0 0.00 0 1,458,265
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
CONT AS
INVESTMENT
RES:006 TRUST 1,450,000 99.43 8,265 0.57 0 0.00 0 1,458,265
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
ALLOT
RELEVANT
RES:007 SECURITIES 1,450,000 99.43 8,265 0.57 0 0.00 0 1,458,265
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
ALLOT EQUITY
RES:008 SECURITIES 1,450,000 99.43 8,265 0.57 0 0.00 0 1,458,265
-------------- ---------- -------- ------ ----------- ------ ----------- ----------- -----------
MAKE MARKET
RES:009 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re-elect him was withdrawn.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
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END
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