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
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BBGDUUUBDGBD
(END) Dow Jones Newswires
May 12, 2021 07:59 ET (11:59 GMT)
Grit Investment (LSE:GRIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Grit Investment (LSE:GRIT)
Historical Stock Chart
From Apr 2023 to Apr 2024
