GRIT Investment Trust PLC Strategy Update (8106Z)
16 September 2022 - 11:53PM
UK Regulatory
TIDMGRIT
RNS Number : 8106Z
GRIT Investment Trust PLC
16 September 2022
For immediate release 16 September 2022
GRIT Investment Trust plc
("GRIT" or "the Company")
Strategy Update
On 22 October 2021, the Company announced the new Board
appointments of Richard Lockwood and Malcolm Burne, both of whom
were veteran fund managers, with exceptional records in the natural
resources sector, together with plans to progress its plans to
commence the re-building of a diverse portfolio of natural
resources investments.
On 30 June 2022, the Company announced that for the year ended
31 December 2021 the Company's principal investment remained its
25% equity interest in and loans to Anglo-African Minerals plc
("AAM") located in Guinea and that as any immediate sale of that
asset appeared unlikely, the Company continued to adopt a prudent
view and to reflect the Company's investment in and loans to AAM at
a nil value. The Company also then announced that in early 2021 the
Company received and subsequently accepted an offer for its shares
in Siberian Goldfields, recognising a capital surplus of GBP488,000
in the current year.
On 29 July 2022, the Company announced that it had agreed with
the holders of the outstanding GBP599,201 convertible loan notes
issued pursuant to a loan note instrument dated 30 July 2021, to
extend the final redemption date from 31 July 2022 to 30 September
2022.
Since the appointment of the new Board members as referred to
above, the Company has been progressing a possible issue of new
shares to finance its ongoing investment policy as an investment
trust. This process involved seeking approval for the publication
of a prospectus, a process which subject to confirmation of the
amount to be raised was nearing completion, and also seeking either
internal authorisation as, or the external appointment of, an
Alternative Investment Fund Manager ("AIFM").
However, the Board has regrettably come to the conclusion that
due both to the difficulties of completing this latter process and
the prevailing lack of positive market sentiment towards the
resource sector, the planned re-establishment of the Company as an
active resource-focused investment trust has become
unachievable.
Accordingly, the Company has therefore withdrawn both its AIFM
and prospectus applications and will not be making any further
investments in accordance with its investment policy. It will
however monitor its remaining existing investments with a view to
realising any value for the benefit of the Company and its
Shareholders.
In the light of the above, the Board of the Company has decided
that it will be in the best interest of its shareholders to look
for a business to acquire that would constitute a reverse takeover
and require shareholder approval. In conjunction with such an
acquisition, the Company would seek a new listing for the enlarged
group on an appropriate public market. The Board have given
themselves a period of twelve months from the date of this
announcement to find a suitable reverse candidate before
cancellation of its listing is put forward to shareholders. The
announcement of any such proposed transaction may result in the
temporary suspension of the Company's shares from trading on the
Official List. A further announcement will be made as appropriate
in due course.
Enquiries:
GRIT Investment Trust plc
Richard Lockwood
Chairman
Tel: +44 (0) 20 3198 2554
Peterhouse Capital Limited (Broker)
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7469 0930
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
UPDBXGDCBUBDGDL
(END) Dow Jones Newswires
September 16, 2022 09:53 ET (13:53 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