Global Resources Investment Tst PLC Proposed General Meeting (8940X)

TIDMGRIT

RNS Number : 8940X

Global Resources Investment Tst PLC

23 December 2019

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or "the Company")

Proposed General Meeting

The Directors are pleased to announce that, after discussions with the Company's significant shareholders, they intend to convene a general meeting of GRIT in early 2020.

Purpose of the General Meeting

The purpose of the general meeting is to seek authority from shareholders to allot shares and to disapply statutory pre-emption rights (the resolution to disapply statutory pre-emption rights having not received the requisite majority at the last Annual General Meeting).

Anglo-African Minerals plc

Despite the recent announcement in which the directors concluded that it was prudent to write off the carrying value of the current investment in Anglo-African Minerals plc ("AAM"), the Directors intend to include proposals to cater for the ultimate distribution of the substantial majority of any proceeds of sale of AAM to shareholders by reference to a record date preceding the date of the proposed general meeting. This will involve putting proposals to shareholders for a capital reduction to eliminate the deficit currently standing to retained earnings, which prevents the Company from making distributions. Any actual distribution should be considered as speculative at the current time.

Voting support

The Company has sought and obtained irrevocable undertakings from shareholders representing 54.3 % of the total voting rights to vote in favour of the resolutions to be put to the general meeting.

The Company notes that the circular will require review by the FCA under the Listing Rules as a "non-routine circular" and accordingly will make a further announcement as to timing of the proposed general meeting in due course.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

James Normand, Chairman of GRIT, arranged for the release of this announcement.

For further information:

Global Resources Investment Trust plc (www.grit.london)

James Normand, Chairman +44 (0) 7779 799431

Beaumont Cornish Limited (financial adviser) +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt

Peterhouse Capital Limited (sole broker) +44 (0) 20 7469 0930

Lucy Williams / Duncan Vasey

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.

END

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