TIDMGRIT

RNS Number : 4126Y

Global Resources Investment Tst PLC

12 May 2021

For immediate release 12 May 2021

Global Resources Investment Trust plc

'GRIT' or 'the Company'

Half-year results for the six months ended 30 June 2020

The Directors are pleased to announce the unaudited half year results of the Company for the six months ended 30 June 2020.

A copy of the results will shortly be available for viewing at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2012 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

For further information, please contact:

 
  Global Resources Investment    Tel: +44 (0) 203 198 2554 
   Trust PLC 
  Martin Lampshire 
                               --------------------------- 
  Beaumont Cornish Ltd           Tel: +44 (0) 207 628 3396 
                               --------------------------- 
  Roland Cornish 
   Felicity Geidt 
                               --------------------------- 
  Peterhouse Capital Limited     Tel: +44 (0) 207 469 0930 
                               --------------------------- 
  Lucy Williams 
   Duncan Vasey 
                               --------------------------- 
 

Chairman's statement

This statement is being published immediately following the 2019 Annual Report. There is, therefore, nothing to add my statement in that document.

Let it suffice to say that the six months ended 30 June 2020 (which this statement covers) was immensely frustrating because the approach made by the Australian mining company, Terracom Limited, for the whole of the issued share capital of GRIT's principal asset, its 25% stake in Anglo-African Minerals plc ('AAM'), was not able to be progressed (and, indeed, this remains the case at the time of writing).

The uncertainty surrounding the Company's future resulted in the inability to publish the 2019 Annual Report and the suspension of trading in the Company's shares on the day following the period covered by this statement.

Events since 30 June 2020 are fully recorded in the circular to shareholders dated 3 December 2020 and in the 2019 Annual Report. The Company has been unable to settle creditors (including your directors, who have not been paid since October 2019 and who have, additionally, agreed to waive their fees for the whole of 2021 to date).

The Board is hopeful, however, that the publication of this, the 2020 Interim Report, and of the 2019 Annual Report, together with the injection of GBP500,000 of additional capital, which is subject to the lifting of the suspension in trading in the Company's shares (the "Suspension") will provide the basis for the Company to apply to the FCA for the Suspension to be lifted.

James Normand

Chairman

12 May 2021

Executive Director's Review

The six months ended 30 June 2020 saw no investment activity.

The results for the period simply reflect accrued administrative expenditure.

Martin Lampshire

Executive Director

12 May 2021

Income Statement

 
                                                     Revenue        Capital      Total 
                                                    Unaudited      Unaudited   Unaudited 
--------------------------------------  ------  ----------------  ----------  ----------- 
                                         Notes       GBP'000        GBP'000     GBP'000 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Six months ended 30 June 2020 
 Losses on investments                                         -        (28)         (28) 
 Income                                                        -           -            - 
 Other expenses                                            (256)           -        (256) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return before finance costs 
  and taxation                                             (256)        (28)        (284) 
 Interest payable and similar charges                          -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return on ordinary activities 
  before taxation                                          (256)        (28)        (284) 
 Tax on ordinary activities                                    -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return attributable to equity 
  shareholders                                             (256)        (28)        (284) 
--------------------------------------  ------  ================  ==========  =========== 
 
 Loss per ordinary share                   2             (0.61p)     (0.07p)      (0.68p) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 
 Six months ended 30 June 2019 
 Losses on investments                                         -       (614)        (614) 
 Income                                                        -           -            - 
 Other expenses                                            (212)           -        (212) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return before finance costs 
  and taxation                                             (212)       (614)        (826) 
 Interest payable and similar charges                          -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return on ordinary activities 
  before taxation                                          (212)       (614)        (826) 
 Tax on ordinary activities                                    -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return attributable to equity 
  shareholders                                             (212)       (614)        (826) 
--------------------------------------  ------  ================  ==========  =========== 
 
 Loss per ordinary share                   2             (0.51p)     (1.46p)      (1.97p) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 
 Year ended 31 December 2019 
 Losses on investments                                         -       (777)        (777) 
 Income                                                        -           -            - 
 Other expenses                                            (589)       (471)      (1,060) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return before finance costs 
  and taxation                                             (589)     (1,248)      (1,837) 
 Interest payable and similar charges                          -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return on ordinary activities 
  before taxation                                          (589)     (1,248)      (1,837) 
 Tax on ordinary activities                                    -           -            - 
--------------------------------------  ------  ----------------  ----------  ----------- 
 Net return attributable to equity 
  shareholders                                             (589)     (1,248)      (1,837) 
--------------------------------------  ------  ================  ==========  =========== 
 
 Loss per ordinary share                   2             (1.40p)     (2.97p)      (4.37p) 
--------------------------------------  ------  ----------------  ----------  ----------- 
 
 

The 'total' column of this statement represents the Company's profit and loss account, prepared in accordance with IFRS. All revenue and capital items in this statement derive from continuing operations. All of the loss for the period is attributable to the owners of the Company.

No operations were acquired or discontinued in the year.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above Income Statement.

Balance Sheet

 
                                               As at     As at 31      As at 
                                              30 June     December    30 June 
                                                2020        2019        2019 
                                             Unaudited    Audited    Unaudited 
----------------------------------  ------  ----------  ----------  ---------- 
                                     Notes    GBP'000     GBP'000     GBP'000 
----------------------------------  ------  ----------  ----------  ---------- 
 Fixed assets 
 Investments                                         -           -           - 
----------------------------------  ------  ----------  ----------  ---------- 
                                                     -           -           - 
----------------------------------  ------  ----------  ----------  ---------- 
 Current assets 
 Investments                                         -          28         887 
 Debtors                                             -          13          15 
 Cash at bank and on deposit                         -           2           5 
----------------------------------  ------  ----------  ----------  ---------- 
                                                     -          43         907 
 Creditors: amounts falling due 
  within one year 
 Other creditors                                 (685)       (449)       (301) 
----------------------------------  ------  ----------  ----------  ---------- 
                                                             ( 406 
 Net current (liabilities) assets                (685)           )         606 
----------------------------------  ------  ----------  ----------  ---------- 
 
 Net (liabilities) assets                        (685)       (406)         606 
----------------------------------  ------  ==========  ==========  ========== 
 
 Capital and reserves 
 Called up share capital                           420         420         420 
 Share premium                                  36,880      36,880      36,880 
 Capital reserve                              (33,185)    (33,157)    (32,523) 
 Revenue reserve                               (4,800)     (4,549)     (4,171) 
----------------------------------  ------  ----------  ----------  ---------- 
 Equity shareholders' funds                      (685)       (406)         606 
----------------------------------  ------  ==========  ==========  ========== 
 
 Net asset value per share             3       (1.63p)     (0.96p)       1.44p 
----------------------------------  ------  ----------  ----------  ---------- 
 

Statement of Changes in Equity

 
                                                 Share 
                                      Share      premium   Capital    Revenue 
                                      capital    account    reserve    reserve    Total 
                                      GBP'000    GBP'000    GBP'000    GBP'000   GBP'000 
----------------------------------  ---------  ---------  ---------  ---------  -------- 
 For the 6 months to 30 June 2020 (unaudited) 
 Balance at 31 December 2019              420     36,880   (33,157)    (4,549)     (406) 
 Return on ordinary activities 
  after taxation                            -          -       (28)      (256)     (284) 
 Balance at 30 June 2020                  420     36,880   (33,185)    (4,805)     (690) 
----------------------------------  ---------  ---------  ---------  ---------  -------- 
 
 For the 6 months to 30 June 2019 
  (unaudited) 
----------------------------------  ---------  ---------  ---------  ---------  -------- 
 Balance at 31 December 2018              420     36,880   (31,909)    (3,960)     1,431 
 Return on ordinary activities 
  after taxation                            -          -      (614)      (212)     (826) 
 Balance at 30 June 2019                  420     36,880   (32,523)    (4,171)       606 
----------------------------------  ---------  ---------  ---------  ---------  -------- 
 

Cash Flow Statement

 
                                                   Six months ended 
                                                        30 June 
                                              ------------------------- 
                                                   2020         2019 
                                                Unaudited     Unaudited 
--------------------------------------------  -------------  ---------- 
                                                 GBP'000       GBP'000 
--------------------------------------------  -------------  ---------- 
 Operating activities 
 Losses before finance costs and taxation             (284)       (826) 
 Losses on investments                                   28         614 
 Decrease in other receivables                           13           8 
 Increase in other payables                             241         130 
--------------------------------------------  -------------  ---------- 
 Net cash outflow from operating activities 
  before interest and taxation                          (2)        (74) 
 Interest paid                                            -           - 
--------------------------------------------  -------------  ---------- 
 Net cash outflow from operating activities             (2)        (74) 
--------------------------------------------  -------------  ---------- 
 
 Investing activities 
 Sales of investments                                     -          47 
 Net cash inflow from investing activities                -          47 
--------------------------------------------  -------------  ---------- 
 
 Decrease in cash and cash equivalents                  (2)        (27) 
 Net cash at the start of the period                      2          32 
--------------------------------------------  -------------  ---------- 
 Net cash at the end of the period                        -           5 
--------------------------------------------  -------------  ---------- 
 

The accompanying notes are an integral part of the financial statements.

Notes

1. Interim Results

These condensed financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') and IAS 34 'Interim Financial Reporting' as adopted by the European Union and the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2019. The condensed financial statements do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 December 2019, which were prepared under IFRS as adopted by the European Union. There have been no significant changes to management judgements and estimates.

2. Going Concern Basis of Accounting

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. Return per Ordinary Share

The revenue loss per ordinary share for the six months ended 30 June 2020 is based on a net loss after taxation of GBP256,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.

The capital loss per ordinary share for the six months ended 30 June 2020 is based on a net capital loss after taxation of GBP28,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.

4. Net Asset Value per Ordinary Share

The net asset value per ordinary share is based on net liabilities of GBP685,000 (31 December 2019: net liabilities of GBP406,000) and on 41,964,512 (31 December 2019: 41,964,512) ordinary shares, being the number of ordinary shares in issue at the period end.

5. Related Party Transactions

The Board of Directors is considered to be a related party. The Directors of the Company received fees for their services. Total fees for the six months to 30 June 2020 were GBP83,207 (six months ended 30 June 2019: GBP47,000). At 30 June 2020 directors were owed GBP156,291 (30 June 2019: GBP64,000).

5. Post Balance Sheet Events

Events since the balance sheet date are fully described in the Chairman's statement.

Interim Report Statement

The Company's auditor PKF Littlejohn LLP, has not audited or reviewed the Interim Report to 30 June 2020 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended 31 December 2019, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, will be lodged with the Registrar of Companies imminently. No full statutory accounts in respect of any period after 30 December 2019 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

Directors' Statement of Principal Risks and Uncertainties

The risks, and the way in which they are managed, are described in more detail in the Strategic Report contained within the Annual Report and Financial Statements for the year ended 31 December 2019 which was published earlier today.

Statement of Directors' Responsibilities in Respect of the Interim Report

We confirm that to the best of our knowledge:

-- the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and loss of the Company;

-- the Chairman's Statement and Executive Director's Review (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure Guidance and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the year and their impact on the financial statements; and

-- other than directors' remuneration, there have been no related party transactions that materially affected the financial position or performance of the Company during the period.

On behalf of the Board

James Normand

Chairman

12 May 2021

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