Grit Investment Share Discussion Threads

[luckymouse] 30/8/2016 08:15

Chart of the day

[spectoacc] 19/8/2016 15:12

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.

August 2016
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.

[spectoacc] 08/8/2016 14:37

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.

[richie666] 13/7/2016 08:22

It's all about AAM.

[spectoacc] 13/7/2016 08:11

Rather more reasonable than previous targets, tho my guess is the warrants will hold it back.

[richie666] 13/7/2016 07:54

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.

[spectoacc] 13/7/2016 07:10

@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.

[richie666] 12/7/2016 17:05

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.

[spectoacc] 12/7/2016 16:42

Odd, can't see my post about the 5p fundraising announced on 28th June.

Seemed broadly positive as largely removes the existential threat that's been hanging over GRIT (namely the breach of the terms of the CULS). However - they've seemingly been unable to raise enough from selling holdings to repay them, and also they're not raising enough now to repay them in full. The warrants (at 7.5p & 10p, if exercised) put me off a bit too.

Can't say the removal of Investment Trust status makes much difference either way.

Probably a positive overall - still got my rump holding, still not adding, may or may not take up the Open Offer when further details emerge. Heavily dilutory, but less so than the previous proposed rescue at 2p.

On the NAV - with a 12% fall in the £ and a big rise in gold, surprised it hasn't gone higher, notwithstanding previous comments on the veracity of it. The big problem remains the prospect of ever realising it, barring "greater fool theory".

[richie666] 12/7/2016 15:53

NAV now @ 29p stock price 6.25p. Madness

[richie666] 25/6/2016 12:20

Gold up sharply, 2 new major investors in here in recent weeks and a discount to NAV still of near 80%. These points still stand -

Most undervalued stock in market imo and an opportunity to get into gold focused stocks at a v cheap level. 28.5p NAV and audited with a stock price 6.5p. I make now wonder SASO and Armstrong have mopped up near 25%

[mister md] 20/6/2016 11:07

Anyone going to AGM - would be good to hear any feedback

[richie666] 11/6/2016 17:56

There has been a transfer of £10 notes (and growable) from the weak and short sighted to the financially strong and insightful in the last 4-6 weeks. SASO have similarly not bought on a blind punt. I continue to expect to reap X 4-5 my capital in the next 12-15 months.

[spectoacc] 08/6/2016 06:41

Never heard of them - decent stake, how large was it before? Surprised their buying (& that of Richieramper) hasn't moved the price more.

[mister md] 07/6/2016 15:33

hmmm, SASO Investments Pty Ltd taking holdings over 15% .....

[mister md] 27/5/2016 21:01

.. what are all these massive trades lately - delayed ?

[spectoacc] 19/5/2016 14:36

Lol MisterMD, you were right:

"This announcement replaces the announcement "Holding(s)
in Company" with RNS Number 2511Y made on 13 May 2015
at 3.25pm. At boxes 5 and 6, the date should have read
12(th) May 2016, and not 12(th) March 2016. All other
information remains the same. "

[spectoacc] 17/5/2016 14:28

Not sure he's inclined to reply to you Mister MD!

The 450k spreadbet component of it could be one of the large trades I noted the other day, but it'd be a long delay.

Still no word on the CULS, though I've not spoken to the co for a few weeks.

[mister md] 17/5/2016 10:09

odd holdings rns - relating to march or may ?