Global Resources Investment Tst PLC Proposed Subscription and Open Offer (7083H)

TIDMGRIT

RNS Number : 7083H

Global Resources Investment Tst PLC

19 August 2016

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or the "Company")

Proposed Subscription and Open Offer

On 28 June 2016 the board of directors of GRIT (the "Board") announced a number of proposals ("Proposals") including that it had entered into a subscription agreement with RDP Fund Management LLP under which RDP agreed conditionally to subscribe for a total of 40,000,000 new ordinary shares of GBP0.01 in GRIT ("Ordinary Shares") raising GBP2.0 million for the Company and that existing shareholders would be given the opportunity to subscribe for up to 10 million Ordinary Shares on the same basis to raise a further GBP0.5 million for the Company through an open offer.

The Board has further discussed the Proposals with the Company's largest shareholders and has concluded that there is insufficient shareholder support to proceed with the Proposals, which will not now take place.

The Company will repay GBP1.0 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM Asia Multi-Strategy Fund Inc ("LIM") before the end of August 2016. It expects to repay the balance of GBP2.5 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM from the proceeds of continuing portfolio realisations.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries to:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 19, 2016 10:10 ET (14:10 GMT)

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