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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Grit Investment Trust Plc | LSE:GRIT | London | Ordinary Share | GB00BL594W83 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Svcs Allied W/exchanges, Nec | 96k | -155k | -0.0031 | -4.03 | 629.47k |
TIDMGRIT
RNS Number : 2273O
Global Resources Investment Tst PLC
30 September 2019
To: RNS From: Global Resources Investment Trust plc LEI: 2138005OJKGWG3X4SY51 Date: 30 September 2019
Global Resources Investment Trust plc
'GRIT' or 'the Company'
Half-year results for the six months ended 30 June 2019
Chairman's statement
On 29 August 2019 Martin Lampshire, Stephen Roberts and I were appointed to the Board and each of our predecessors resigned. The background to these management changes was set out in the Company's announcement of 15 August.
The Company's announcement of the implementation of these changes, which was published on 30 August, also explained the stage reached by the proposed disposal of the Company's sale (for US$3.3 million) of its principal asset, its 27% stake in Anglo-African Minerals Limited ('AAM'), and repayment to GRIT of that company's loan from GRIT (amounting to circa US$1.9 million). At this stage we have nothing to add to the announcements already made on this matter. The Company will issue further bulletins on progress on this transaction as it develops.
The sale of the large part of the Company's holding of shares in Kalia Limited, outlined in the 15 August announcement, has now completed and net cash proceeds of GBP216,000 received.
In the month since our appointment, I and my fellow directors have concentrated our efforts on promoting the process of sale of GRIT's principal assets and on reducing overheads. As stated in the 30 August announcement, the completion of the sale of GRIT's interests in AAM would restore the Company to a proper financial footing, thus restoring the Company's share price and enabling the Board to formulate plans for the future of the business.
James Normand
Chairman
30 September 2019
Executive Director's Review
The six months ended 30 June 2019 saw no investment activity.
The results for the period reflect administrative expenditure only. As noted above, the new management team has taken steps to reduce the level of this expenditure materially.
The previous and current directors have concentrated their efforts on realising GRIT's principal assets. Some progress has been made on this in the period covered by these financial statements and subsequently, as outlined above and in recent announcements.
This strategy remains the management team's focus. When concluded, it will, in consultation with its principal shareholders, formulate a new investment plan to present to the shareholders for their approval. The Board looks forward, as shareholders will, to being in a position to do this.
Martin Lampshire
Executive Director
30 September 2019
Enquiries:
Martin Lampshire
Director
Tel: +44 (0)7458 645184
Peterhouse Capital Limited
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7469 0930
Income Statement
Hot Features
Premium
Six months ended 30 June 2019
Revenue Capital Total
Unaudited Unaudited Unaudited
-------------------------------------- ------ ---------- ---------- ----------
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- ------ ---------- ---------- ----------
Losses on investments - (614) (614)
Income - - -
Other expenses (212) - (212)
-------------------------------------- ------ ---------- ---------- ----------
Net return before finance costs
and taxation (212) (614) (826)
Interest payable and similar charges - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return on ordinary activities
before taxation (212) (614) (826)
Tax on ordinary activities - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return attributable to equity
shareholders (212) (614) (826)
-------------------------------------- ------ ---------- ---------- ----------
Loss per ordinary share 2 (0.51)p (1.46)p (1.97)p
-------------------------------------- ------ ---------- ---------- ----------
Six months ended 30 June 2018
Revenue Capital Total
Unaudited Unaudited Unaudited
-------------------------------------- ------ ---------- ---------- ----------
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- ------ ---------- ---------- ----------
Losses on investments - (3,301) (3,301)
Exchange losses - (4) (4)
Foreign exchange forward contract - - -
loss
Income (336) - (336)
Investment management fee - - -
Other expenses (237) - (237)
-------------------------------------- ------ ---------- ---------- ----------
Net return before finance costs
and taxation (573) (3,305) (3,878)
Interest payable and similar charges - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return on ordinary activities
before taxation (573) (3,305) (3,878)
Tax on ordinary activities - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return attributable to equity
shareholders (573) (3,305) (3,878)
-------------------------------------- ------ ---------- ---------- ----------
Loss per ordinary share 2 (1.37)p (7.87)p (9.24)p
-------------------------------------- ------ ---------- ---------- ----------
Year ended 31 December 2018
Revenue Capital Total
Audited Audited Audited
-------------------------------------- ------ -------- --------- ---------
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- ------ -------- --------- ---------
Losses on investments - (5,426) (5,426)
Exchange losses - (4) (4)
Income - - -
Other expenses (549) (810) (1,359)
-------------------------------------- ------ -------- --------- ---------
Net return before finance costs
and taxation (549) (6,240) (6,789)
Interest payable and similar charges (30) - (30)
-------------------------------------- ------ -------- --------- ---------
Net return on ordinary activities
before taxation (579) (6,240) (6,819)
Tax on ordinary activities - - -
-------------------------------------- ------ -------- --------- ---------
Net return attributable to equity
shareholders (579) (6,240) (6,819)
-------------------------------------- ------ -------- --------- ---------
Loss per ordinary share 2 (1.38)p (14.87)p (16.25)p
-------------------------------------- ------ -------- --------- ---------
The 'total' column of this statement represents the Company's profit and loss account, prepared in accordance with IFRS. All revenue and capital items in this statement derive from continuing operations. All of the loss for the period is attributable to the owners of the Company.
No operations were acquired or discontinued in the year.
A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above Income Statement.
Balance Sheet
As at As at As at
30 June 2019 31 December 30 June 2018
2018
Unaudited Audited Unaudited
----------------------------- ------ -------------- ------------- --------------
Notes GBP'000 GBP'000 GBP'000
----------------------------- ------ -------------- ------------- --------------
Fixed assets
Investments - - 3,866
Current assets
Investments 887 1,548 -
Debtors 15 23 530
Cash at bank and on deposit 5 32 7
----------------------------- ------ -------------- ------------- --------------
907 1,603 537
Creditors: amounts falling
due within one year
Other creditors (301) (172) (30)
Net current liabilities 606 1,431 507
Net assets 606 1,431 4,373
----------------------------- ------ -------------- ------------- --------------
Capital and Reserves
Called up share capital 420 420 420
Share premium 36,880 36,880 36,880
Capital reserve (32,523) (31,909) (28,973)
Revenue reserve (4,171) (3,960) (3,954)
----------------------------- ------ -------------- ------------- --------------
Equity shareholders' funds 606 1,431 4,373
----------------------------- ------ -------------- ------------- --------------
Net asset value per share 3 1.44p 3.41p 10.42p
----------------------------- ------ -------------- ------------- --------------
Statement of Changes in Equity
For the 6 months to 30 June 2019 (unaudited)
Share
Share premium Capital Revenue
capital account reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- --------- --------- --------- --------
Balance at 31 December 2018 420 36,880 (31,909) (3,960) 1,431
Return on ordinary activities
after taxation - - (614) (212) (826)
Balance at 30 June 2019 420 36,880 (32,523) (4,171) 606
------------------------------- --------- --------- --------- --------- --------
For the 6 months to 30 June 2018 (unaudited)
Share
Share premium Capital Revenue
capital account reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- --------- --------- --------- --------
Balance at 31 December 2017 420 36,880 (25,668) (3,381) 8,251
Return on ordinary activities
after taxation - - (3,305) (573) (3,878)
Balance at 30 June 2018 420 36,880 (28,973) (3,954) 4,373
------------------------------- --------- --------- --------- --------- --------
The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.
Cash Flow Statement
Six months Six months
ended ended
30 June 2019 30 June 2018
Unaudited Unaudited
-------------------------------------------- -------------- --------------
GBP'000 GBP'000
-------------------------------------------- -------------- --------------
Operating activities
Losses before finance costs and taxation (826) (3,878)
Gains on investments 614 3,301
(Increase)/decrease in other
receivables 8 42
(Decrease) in other payables 130 (52)
Net cash outflow from operating activities
before interest and taxation (74) (587)
Interest paid - -
Net cash outflow from operating
activities (74) (587)
--------------------------------------------- -------------- --------------
Investing activities
Purchases of investments - -
Sales of investments 47 379
Advanced Loan to AAM - (110)
Interest received - -
Net cash inflow from investing
activities 47 269
--------------------------------------------- -------------- --------------
Decrease in cash and cash equivalents (27) (318)
Net cash at the start of the
period 32 325
--------------------------------------------- -------------- --------------
Net cash at the end of the period 5 7
--------------------------------------------- -------------- --------------
The accompanying notes are an integral part of the financial statements.
Notes
1. Interim Results
The condensed financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') and IAS 34 'Interim Financial Reporting' as adopted by the European Union and the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2018. The condensed financial statements do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 December 2018, which were prepared under IFRS as adopted by the European Union. There have been no significant changes to management judgements and estimates.
Going Concern Basis of Accounting
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2. Return per Ordinary Share
The revenue loss per ordinary share for the six months ended 30 June 2019 is based on a net loss after taxation of GBP212,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.
The capital return per ordinary share for the six months ended 30 June 2018 is based on a net capital loss after taxation of GBP614,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.
3. Net Asset Value per Ordinary Share
The net asset value per ordinary share is based on net assets of GBP606,000 (31 December 2018: GBP1,431,000) and on 41,964,512 (31 December 2018: 41,964,512) ordinary shares, being the number of ordinary shares in issue at the period end.
4. Related Party Transactions
The Board of Directors is considered to be a related party.
The Directors of the Company received fees for their services. Total fees for the six months to 30 June 2019 were GBP47,000 (six months ended 30 June 2018: GBP45,000). At 30 June 2019 directors were owed GBP64,000 (30 June 2018: GBP2,600).
The board has been made aware of a GBP150,000 loan dated 18 August 2017 from Peter Yunghanns to David ("Sam") Hutchins, who was at the time a Director of the Company. Mr Yunghanns, through Mardasa Nominees Pty Ltd, has a 29.7% interest in the Company and as such this loan is deemed a related party transaction.
5. Post Balance Sheet Events
At the Annual General Meeting on 29 August Martin Lampshire, James Normand and Stephen Roberts were appointed to the Board and Simon Farrell, Haruko Fukuda and David Hutchins resigned.
The Company announced on 30 August that it entered into irrevocable undertakings with Makar Navis d.o.o. ("MN") in connection with the offer by MN to acquire the entire issued share capital of AAM at US$0.03 per share and the entirety of the convertible loan notes issued by AAM and to discharge all of the liabilities of AAM owed to the Company.
6. Interim Report Statement
The Company's auditor PKF Littlejohn LLP, has not audited or reviewed the Interim Report to 30 June 2019 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended 31 December 2018, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. No full statutory accounts in respect of any period after 30 December 2018 have been reported on by the Company's auditor or delivered to the Registrar of Companies.
Directors' Statement of Principle Risks and Uncertainties
The risks, and the way in which they are managed, are described in more detail in the Strategic report contained within the Annual Report and Financial Statements for the year ended 31 December 2018. In the opinion of the Directors, apart from the following matter, the Company's principal risks and uncertainties have not changed materially since the date of the report and are not expected to change materially for the rest of the Company's financial reporting period to 31 December 2019.
Statement of Directors' Responsibilities in Respect of the Interim Report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and profit of the Company;
-- the Chairman's Statement and Investment Manager's Review (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure Guidance and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the year and their impact on the financial statements;
-- the Statement of Principle Risks and Uncertainties referred to above is a fair review of the information required by DTR 4.2.7R; and
-- the condensed set of financial statements included a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the year and that have materially affected the financial position or performance of the Company during the period.
On behalf of the Board
James Normand
Chairman
30 September 2019
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
IR BLGDCBBXBGCG
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September 30, 2019 12:30 ET (16:30 GMT)
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