Global Resources Investment Tst PLC Subscription Agreement (5471Q)

TIDMGRIT

RNS Number : 5471Q

Global Resources Investment Tst PLC

01 March 2016

For Immediate Release 1 March 2016

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or the "Company")

Update on Proposed Subscriptions and Open Offer

Update on 9% Convertible Loan Notes

Further to the announcement by the Company on 26 January 2016, the board of directors of GRIT (the "Board") announces that it is in discussions with Primestar Energy FZE ("Primestar") to extend beyond 29 February 2016 the date by which the proposals described in that announcement, including the subscriptions and an open offer, are required to be completed.

The Board is also in discussions with LIM Asia Multi-Strategy Fund Inc. with respect to extending beyond 29 February 2016 the period during which its holding of GBP3,500,000 in principal amount of 9% Convertible Loan Notes 2017 ("CULS") may be redeemed early.

In addition, the Board confirms that it is seeking noteholder approval for the amendment of the loan note instrument dated 27 February 2014 constituting the CULS, to provide that the coverage ratio for the value of the Company's investment portfolio to the principal outstanding amount of CULS is reduced to 3:1 on a temporary basis.

The Board expects to be able to make a further announcement shortly.

It is now expected that the audited results of the Company for the 16 month period to 31 December 2015 will be published by the end of April 2016.

Enquiries to:

 
 David ("Sam") Hutchins,                Tel: +(0) 20 7290 
  RDP Fund Management LLP                8540 
  Investment Manager 
-------------------------------------  ------------------ 
 Martin Cassels                         Tel: +(0) 131 
  R&H Fund Services Limited              550 3760 
  Company Secretary and Administrator 
-------------------------------------  ------------------ 
 Roland Cornish                         Tel: +(0) 20 7628 
  Beaumont Cornish Limited               3396 
  Financial Adviser 
-------------------------------------  ------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRAKCDKBBKBQBB

(END) Dow Jones Newswires

March 01, 2016 02:01 ET (07:01 GMT)

Grafico Azioni Grit Investment (LSE:GRIT)
Storico
Da Giu 2024 a Lug 2024