Global Resources Investment Tst PLC Company Update (2384J)
August 15 2019 - 10:58AM
UK Regulatory
TIDMGRIT
RNS Number : 2384J
Global Resources Investment Tst PLC
15 August 2019
15 August 2019
GLOBAL RESOURCES INVESTMENT TRUST PLC
Company Update
In the Company's accounts for the year ending 31 December 2018,
it was stated:
"The Board has been urgently considering the future direction of
the Company, and on 17 May 2019 appointed Peterhouse Capital
Limited to assist in advising the Company as to its future
development. The Board has since concluded that it is unrealistic
to expect the Company to continue trading as a going concern. A
Circular to shareholders is being prepared which will convene a
General Meeting at which shareholders will be asked to approve the
placing of the Company into Members' Voluntary Liquidation.".
Following discussions with a number of the Company's larger
shareholders, it has become clear that the Company would not be
able to pass a resolution to place the Company into Members'
Voluntary Liquidation.
Accordingly, the Company will carry out a strategic review
concerning its future operations.
As an interim measure and to provide working capital, the
Company has today agreed to sell, 430,000,000 Kalia Limited
ordinary shares in an off-market transaction for net proceeds of
GBP225,000.00 which will be used to pay outstanding creditors.
Following the sale, the Company will continue to hold 50,000,000
Kalia Limited ordinary shares with a market value of approximately
GBP28,000
The board of directors of the Company believe the strategic
review would be best conducted by a new board of directors
Therefore, in addition to the proposed sale of the Kalia shares
outlined above, and also immediately following the conclusion of
the Company's annual general meeting, the Company is pleased to
announce the proposed appointment of the following to the board of
directors of the Company:
-- Martin Lampshire (Executive Director)
Current directorships:
- Bould Opportunities Plc
-- James Normand (Non-Executive Director)
Past directorships within the last 5 years:
- Pathfinder Minerals plc
- Central Rand Gold Limited
- Nyota Minerals Limited
-- Stephen John Roberts (Non-Executive Director)
Past directorships within the last 5 years:
- Grand Group Investment PLC
- Mining Investments Resources PLC
There is no further information required, in respect of any of
the new directors listed above, to be disclosed under LR
9.6.13.
Simon Farrell, Haruko Fukuda and David Hutchins will step down
from the board from the conclusion of the Company's annual general
meeting.
James Normand will succeed Simon Farrell as chairman of the
Company and Martin Lampshire will act as executive director.
The Company also announces that its adjourned annual general
meeting will be rescheduled for 3:00 p.m. on 29 August 2019 at the
offices of DMH Stallard LLP, 6 New Street Square, New Fetter Lane,
London EC4A 3BF.
All Enquiries:
David ("Sam") Hutchins
Executive Director
07775 991 766
Martin A Cassels
Maitland Administration Services (Scotland) Limited
Company Secretary and Administrator
0131 550 3760
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END
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