Global Resources Investment Tst PLC Update on 9% Convertible Loan Notes (4231F)

TIDMGRIT

RNS Number : 4231F

Global Resources Investment Tst PLC

12 November 2015

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT")

Update on 9% Convertible Loan Notes

By a loan note instrument by deed poll dated 27 February 2014 ("Loan Note Instrument"), the Company issued GBP5,000,000 nominal of 9 percent per annum convertible unsecured loan notes ("Loan Notes"). Under clause 6.5.7 of the Loan Note Instrument, GRIT gave an undertaking to ensure that the Coverage Ratio (being the ratio of the value of its investment portfolio to principal amount of the outstanding Loan Notes) is at all times no less than 4:1.

As a result of the NAV announced on 2 November 2015, the Coverage Ratio had reduced to 3.94:1 and, accordingly, GRIT is in breach of this undertaking.

On 11 November 2015, a special resolution of the holders of the Loan Notes agreed, inter alia, that for the period from 11 November 2015 until 31 January 2016 (save in limited circumstances) the Coverage Ratio will be amended to 3.6:1.

Accordingly GRIT is no longer in breach of the Coverage Ratio undertaking in the Loan Note Instrument.

Enquiries to:

 
 David ("Sam") Hutchins,                Tel: +(0) 7290 8540 
  RDP Fund Management LLP 
  Investment Manager 
-------------------------------------  ----------------------- 
 Martin Cassels                         Tel: +(0) 131 524 6140 
  R&H Fund Services Limited 
  Company Secretary and Administrator 
-------------------------------------  ----------------------- 
 Roland Cornish                         Tel: +(0) 7628 3396 
  Beaumont Cornish Limited 
  Financial Adviser 
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This information is provided by RNS

The company news service from the London Stock Exchange

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November 12, 2015 02:00 ET (07:00 GMT)

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