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Global Resource Share Discussion Threads
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|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.|
|Rather more reasonable than previous targets, tho my guess is the warrants will hold it back.|
|I doubt 50% discount will hold - when clarity on Siberian Goldfields and AAM stakes via loan notes occurs.
Sellers to SASO were old investee companies - this has cleared the shareholder list of loose holders (probably in full) and is v positive. Clearly orders were worked via company through a market maker so as not to wind up pushing up the price and which is sensible on buyers part. I target 10p by Xmas min.|
|@Richard have you forgotten you filtered me?
Looked at another way - NAV post-dilution say 15p, 50% discount not unreasonable considering highly illiquid nature of the holdings (much higher previously due to risk of distressed unwind of CULS), which happens to tie in with the 7.5p warrants (a kicker to encourage take up). Potentially 50% upside on taking up 5p Open Offer, not without risk.
Or looked at another way - prior to the RNS the share price was c.6p, NAV c.27p, yet SASO had bought up 15% of the shares - who's been selling? Where are the Holdings RNS's? S/p should have soared, yet didn't.|
|Spec the NAV will either go to 15p or 50p depending on what they do with AAM and Siberian Goldfields loans. Either way at 6p with new cash I believe investors are at worst twice covered under an armageddon scenario and 10 times under a bluesky scenario.
The warrant issue is the "tell" - why would they issue them unless they were not expecting to convert and bring in more cash.|