||EPS - Basic
||Market Cap (m)
Global Resource Share Discussion Threads
Showing 101 to 122 of 125 messages
|20.1p NAV. To be fair, possibly still a buyer around - sellers seem to be getting bid, despite selling multiples of NMS. Nothing further on CULS repayment, tho probably nothing to say.
Edit - Lol - 5 minutes after NAV RNS, this comes out!
On 2 September 2016 the Company announced an agreement to sell 26,100,000 shares in Merrex Gold realising proceeds of CAD$ 4,437,000 with settlement due within 90 days.
Following a disagreement with the buyer, both sides have agreed to cancel the transaction and GRIT retains the ownership to the 26,100,000 shares which continue to be valued within the NAV at the bid price.
LIM Asia Multi-Strategy Fund Inc ("LIM") continue to hold GBP1.5 million of nominal 9% Convertible Unsecured Loan Stock 2017 ("Loan Stock") and the Company remain confident that this amount can be repaid from further portfolio realisations. Following the full repayment of LIM, there will remain in issue GBP1.2 million of Loan Stock held by other parties."
Jeez - so they "remain confident" they can make enough sales to cover LIM's remaining £1.5m. But what about the other £1.2m, why no "confident" for that too? 2017 is approaching fast!
The Merrex Gold shares have gradually sunk over the past 3 months - surely GRIT would have put in place a solid enough agreement to prevent the buyer reneging if the share price fell? 17c was a c.20% discount to the then market price - another 20% off the current price to sell them in future? And it's not a sale if the agreement's not watertight!
Guessing that accounts for the NAV drop - they'd have calculated NAV based on Merrex at 17c, now having to calculate it at market price of nearer 15c. Not that the last RNS implies that - "...Continue to be valued within the NAV at the bid price..". Suspect "continue" isn't accurate.
Be interesting to see what they can actually sell - seemingly nothing, recently. And more interesting still to see what's left when the £2.7m has finally been repaid.|
|Very quiet on here. NAV fallen to 21.59p as of 14th Nov: no indication whether that's partly due to more realisations to try to raise cash to repay the CULS (ie selling holdings at below book value). My views on the veracity of GRIT's stated NAV certainly haven't changed. Will be interesting to see what's left if/when they do manage to repay all the CULS - whatever it is, it'll likely be the most illiquid & hard to realise holdings. Hopefully they'll retain something income-paying in order to at least meet running costs, and avoid having to make further sales to remain listed.
Still very much not a holder, and haven't seen reason to contact the company in some time, so all IMO. Share price and NAV continue to converge in the way predicted.|
|Lol only GRIT could come up with good news on a holding, and have it negatively affect NAV. Now down to 23p.
£1.5m still to find for LIM from "..Continuing portfolio realisations" - strewth. Was expecting £1m more needed from selling anything they could, post-Merrex sale. Or are they including Merrex receipts within the £1.5m more? And aren't there a further £1m of 2017 CULs due to be repaid too?
For the avoidance of doubt - still very much not a holder, so not going to dig any further.
"The NAV above includes an adjustment to the carrying value of the Company's investment in Anglo African Minerals plc ("AAM"), following a recently completed third party capital raising by AAM. Having successfully completed the fund raising, AAM has also recently announced that it has entered into the first stage of a joint venture agreement with a consortium consisting of two substantial Chinese corporations - China New Era Group Corporation and China Geo-Engineering Corporation on the co-development of the FAR project in Guinea. AAM believe that this is a significant milestone in creating shareholder value and securing the development of the FAR project.
The Board of Global Resources Investment Trust plc will look to reassess the carrying value of the Company's investment in AAM at the year end on 31 December 2016.
The Board also confirms that in the week commencing 31 October 2016 the Company will be repaying GBP1.0 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM Asia Multi-Strategy Fund Inc ("LIM"). It expects to repay the balance of GBP1.5 million nominal of 9% Convertible Unsecured Loan Stock 2017 to LIM from the proceeds of continuing portfolio realisations. "|
|Woken up with the sector|
|Am all out of GRIT, yes, tho it's still on my alerts list.
Had to have a chuckle at the Half Year Report and "Sam"'s explanation of why the price fell to 2p.|
|I thought u had sold out Spec..?!|
|Got to give them credit for getting so many away at only a 22% discount to the price - although since Merrex was arguably the largest/most liquid holding, be interesting to see what it takes to raise the remaining million needed to repay the other CULS. They say they've been selling down some of the smaller holdings so maybe they've realised a few k that way.
On the subject of largely unlisted, smallcap, resources co's - SPPC just announced intention to wind up (or sale of co), 12/14p vs last NAV of 37.4p (from 31st March). No existential threat to this one. Timescale/returns uncertain but I'd be disappointed not to recover a lot more than current s/p.|
|Merrex was quoted at 22c on the interim accounting date at 30th june, with a subsequent sale agreed at 17c, accordingly it looks like nav will be £0.76m lower when the sale completes.|
|A. is sector - GRIT looking weaker than sector here - still on a massive discount - depends if mkt feels all news is factored in|
|Mostly sells - softened with the sector|
|Waiting on news.|
|Apfindley, suggest you read here - http://www.alignresearch.co.uk/commodities/global-resources-investment-trust-conviction-buy-price-target-20p/
In particular the bottom section. There is value minimum of around 18p per share here and probably much more if AAM & Siberian re-list and list respectively. I expect to ultimately receive 20-30p on these.|
|So they're going to sell their investment for 2.6mill, but use it to pay off 2.5mill of loan notes.There will then remain an outstanding 1.2mill of loan notes to repay.Hmm not looking too clever is it. Sounds like they hardly any cash. And are selling their investment to pay only one loan note holder off.Reducing the liability, which is great, but with no income, how will they pay the remaining 1.2mill loan holder, and continue to operate and still move ahead with exploration.Not the best use of the proceeds of sale of investment, imo.|
|Fantastic announcement - http://www.investegate.co.uk/global-resources-inv--grit-/rns/repayment-to-lim-asia-multi-strategy-fund-inc/201608231515029348H/
Clears necessity for a forced liquidation of the portfolio and allows us to concentrate on AAM in particular now.|
|Hope the target is right!|
|We stand by the price target here Luckymouse - http://www.alignresearch.co.uk/commodities/global-resources-investment-trust-conviction-buy-price-target-20p/|
|Hi Richie - yes looks about right to me - may consolidate at points - but discount in combination with the long term bowl(imp), less wide sprd, gold holdings, strength of the sector, a few inst's accumulating, Zaks tip etc caught my eye.|
|Luckymouse - ol Zak may be right that we see 15/16p in the weeks/months ahead.|
|Chart of the day
|You just couldn't make it up with this co - this is now the 2nd time. No doubt certain shareholders knew all about this. Makes sense, assuming they can actually realise sufficient money - tho they've failed thus far. Once again it'll be the most liquid that has to get sold, once again no timescale, once again left at the mercy of LIM. No mention of the Hutchins clan nor IT status either.
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.|
|Amazed still no circular. Given up & sold those I had left, better 5.5p than 2p. Wasn't a problem getting a quote so buyers probably still around, though wouldn't like to try to sell size in a hurry (NMS 7.5k or 400 quid). After several years, have better home for the money.|
|It's all about AAM.|