Grit Investment Share Discussion Threads

[richie666] 13/4/2016 10:28

Your latter point answers your question. Paying off the Debentures of @ £4.5m solidifies the NAV. Anglo African and Siberian Minefields is where the upside skew is.

These should be on a 20-30% discount to NAV which implies a price of 20-25p. Biggest bargain out there in the markets IMO.

[spectoacc] 13/4/2016 10:22

@Richie - on which part? Website not been updated in a while but found the RNS re the placing falling through, 11th March:

"...The Company is unable to restore the required Coverage Ratio and is therefore beginning the process of realising sufficient portfolio assets to repay the Loan Notes and de-leverage the Company.

In addition, with reference to the announcement of 1 March 2016, the Company has not been able to come to an agreement with Primestar Energy FZE and LIM Asia Multi-Strategy Fund Inc. relating inter alia to the subscription, open offer and early redemption of Loan Notes and the reduction of the required Coverage Ratio."

If they can raise £5m from sales and pay off the debenture holders (which seems not to have happened in the month since) then they'll also save the 9% interest payments going forward, which is a positive..

[falia] 13/4/2016 10:16

20-30p coming

[richie666] 13/4/2016 09:44

Spec with respect you are wrong.

[spectoacc] 13/4/2016 09:26

@richie666 - the issue is cash to pay off the debenture holders. You'll know that they previously agreed a massively dilutory placing at 2p per share to try to get the cash, but even that fell through (although with such a dearth of news from GRIT recently, I can no longer find the RNS).

Have a look at how often even some of their larger co's actually trade.

Hope that wasn't you who just paid 9p :)

[richie666] 13/4/2016 08:53

Spec the NAV (term being NET Asset Value) is AFTER the debenture payment. 32p v 5p now is, to me, the opportunity of opportunities in the resource sector.

And approx 60% is listed, the primary plays being Merrex Gold and Nulegacy - the former it seems being particularly attractive and involved with major IamGold.

[spectoacc] 13/4/2016 07:11

Except they've got to pay off the debenture holders? Much of GRIT's stuff is unlisted and unsellabale I thought. If they can raise enough to cover the debt holders, is unclear what will be remaining - though if it's anything it'll be the least sellable. The NAV suggests there'd be plenty left over but this is the same co that - ahem - allegedly doesn't have the best record in reporting accurate NAV.

[richie666] 12/4/2016 16:41

NAV out just shy of 32p. The current stock price is pure madness.

[mister md] 16/3/2016 11:37

NAV 28p

Though they probably couldnt achieve 8p with fire sales

[richie666] 09/3/2016 08:01

Spec - the whole deal is fishy and RDP need bringing to task.

[spectoacc] 09/3/2016 07:58

@richie666 - agreed. Their wages keep rolling in mind. My main issue is how the NAV followed by sudden big revision and "oh dear we need to restructure".

[richie666] 08/3/2016 19:05

Doubtful given that they carried out a root & branch review of the portfolio in the last cple months. Some v good assets in there too - Anglo African Minerals for a start.

[the stigologist] 08/3/2016 18:57

Isn't it recognition the NAV is vastly mis-stated due to illiquidity of holdings ?

[richie666] 08/3/2016 18:21

NAV near 30p and we are taking in capital at 2p with massive dilution. The Board and fund managers need shooting.

[swizz] 28/1/2016 11:26

What have Primestar seen?....recent acquisitions include a defunct Ukraine Bank and $100M plus oil storage facility and now, potentially GRIT......GL S

[swizz] 28/1/2016 10:23

Welcome to our new owners?......GL S

[spectoacc] 28/1/2016 08:15

Because of the post-dilution NAV - though why we should believe the latest NAV when the previous one was so false for so long..

[mypension] 28/1/2016 08:06

Excuse my ignorance ... if the placing is to be at 2p why are people buying at 2.75p now?

[sharetips6] 27/1/2016 21:45

Why not stop buystock ?

I told you I will expose every new handle you set up on twitter but now there is others doing my job for me.

Interest list of names. Oh I see I'm loverat now lol

Like your new attempt to copy topinfo which was spotted instantly.

topinfo@topinfo_advfn

Why are you obsessed with being a conman inventing false rumours must be a
reason ?