Last checked at 
30 Aug 2019 07:00
Global Resources Investment Trust PLC
LEI: 2138005OJKGWG3X4SY51
For immediate release 30 August 2019
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT" or "the Company")
Result of Annual General Meeting
Board Changes
Proposed disposal of Anglo African Minerals plc
Ongoing Strategy
Holdings in Company
Annual General Meeting Statement
At the Company's adjourned Annual General Meeting ("AGM") held yesterday afternoon, all Resolutions put to the meeting were passed. The detailed voting analysis is contained in the table below:
For | Against | Discretion | Votes Withheld | ||||||
Resolution | Description | Votes | % Votes Cast | Votes | % Votes Cast | Votes | % Votes Cast | Votes | Total Votes Cast (excl. Votes Withheld) |
RES:001 | REPORT AND ACCOUNTS | 1,450,000 | 100.00 | 0 | 0.00 | 0 | 0.00 | 8,265 | 1,450,000 |
RES:002 | REMUNERATION POLICY | 1,450,000 | 100.00 | 0 | 0.00 | 0 | 0.00 | 8,265 | 1,450,000 |
RES:003 | REMUNERATION REPORT | 1,450,000 | 100.00 | 0 | 0.00 | 0 | 0.00 | 8,265 | 1,450,000 |
RES:005 | RE-APPOINT AUDITOR | 1,450,000 | 99.43 | 8,265 | 0.57 | 0 | 0.00 | 0 | 1,458,265 |
RES:006 | CONT AS INVESTMENT TRUST | 1,450,000 | 99.43 | 8,265 | 0.57 | 0 | 0.00 | 0 | 1,458,265 |
RES:007 | ALLOT RELEVANT SECURITIES | 1,450,000 | 99.43 | 8,265 | 0.57 | 0 | 0.00 | 0 | 1,458,265 |
RES:008 | ALLOT EQUITY SECURITIES | 1,450,000 | 99.43 | 8,265 | 0.57 | 0 | 0.00 | 0 | 1,458,265 |
RES:009 | MAKE MARKET PURCHASES | 1,458,265 | 100.00 | 0 | 0.00 | 0 | 0.00 | 0 | 1,458,265 |
As Mr Farrell had agreed to retire from the board of directors of the Company from the conclusion of the AGM, the resolution to re-elect him was withdrawn.
Board & Company Secretary Changes
Following the conclusion of the AGM, the board of directors of the Company made the following appointments of new Directors of the Company:
·; Martin Lampshire (Executive Director)
Current directorships:
- Bould Opportunities Plc
·; James Normand (Non-Executive Director)
Past directorships within the last 5 years:
- Pathfinder Minerals plc
- Central Rand Gold Limited
- Nyota Minerals Limited
·; Stephen John Roberts (Non-Executive Director)
Past directorships within the last 5 years:
- Grand Group Investment PLC
- Mining Investments Resources PLC
There is no further information required, in respect of any of the new directors listed above, to be disclosed under LR 9.6.13.
Following the above appointments, Simon Farrell, Haruko Fukuda and David Hutchins stood down from the board with immediate effect.
James Normand succeeded Simon Farrell as chairman of the Company and Martin Lampshire will act as executive director.
With effect from 2 September 2019, Peterhouse Capital Management Limited will be taking over as the company secretary of the Company.
Anglo African Minerals plc ("AAM")
The Company announces that yesterday afternoon 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 ("Debts").
During the period commencing on the date of the irrevocable undertakings and ending 4 months thereafter, the Company has, inter alia, irrevocably undertaken to accept the above offer and not deal with the shares in AAM held by the Company and the Debts.
If the above offer goes unconditional, the Company will receive an aggregate of c. US$5.2 million from MN and AAM (equivalent to approximately 10.4p per ordinary share, based on the current issued share capital of the Company and prevailing exchange rates). This aggregate consideration will comprise, c. US$3.3 million for the AAM shares and at least US$1.9 million for the Debt.
The board of directors of the Company has agreed that such proceeds will not be utilised without first consulting with the major shareholders of the Company.
In the event that the above offer does not proceed, the board of directors of the Company will investigate other means of future funding.
The completion of the above disposal in due course would result in a material uplift in the Company's NAV per share to be calculated at the time.
Ongoing Strategy
The new board of directors of the Company currently intends to continue the existing investment policy of the Company and will provide further information on its strategy to grow the Company as and when appropriate.
Holdings in Company
The Company has been advised recently that Mr Hutchins, now a former director of the Company, sold 1,259,820 ordinary shares in the Company on 21 March 2019 at a price of 2.5p per share. Accordingly, his shareholding on page 11 and the table at page 12 of the Company's Annual Report carried out of date information on Mr Hutchins' holding in the share capital of the Company. A TR-1: Standard form for notification of major holdings will be released upon receipt from Mr Hutchins.
All Enquiries:
Martin Lampshire
Executive Director
07458645184