REG - Global Resources Inv - Half-year Report

Grit Investment TrustAnnouncement

12/05/2021 13:00

RNS Number : 4126Y
  
Global Resources Investment Tst PLC
  
12 May 2021
  
 

For immediate release                                                                                  12 May 2021
 
Global Resources Investment Trust plc
'GRIT' or 'the Company'
Half-year results for the six months ended 30 June 2020
 
The Directors are pleased to announce the unaudited half year results of the Company for the six months ended 30 June 2020. 
A copy of the results will shortly be available for viewing at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2012 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
For further information, please contact:
 



Global Resources Investment Trust PLC


Tel: +44 (0) 203 198 2554
 




Martin Lampshire








Beaumont Cornish Ltd


Tel: +44 (0) 207 628 3396




Roland Cornish
Felicity Geidt








Peterhouse Capital Limited


Tel: +44 (0) 207 469 0930




Lucy Williams
Duncan Vasey







 
 
 
Chairman's statement
This statement is being published immediately following the 2019 Annual Report.  There is, therefore, nothing to add my statement in that document.
 
Let it suffice to say that the six months ended 30 June 2020 (which this statement covers) was immensely frustrating because the approach made by the Australian mining company, Terracom Limited, for the whole of the issued share capital of GRIT's principal asset, its 25% stake in Anglo-African Minerals plc ('AAM'), was not able to be progressed (and, indeed, this remains the case at the time of writing).
 
The uncertainty surrounding the Company's future resulted in the inability to publish the 2019 Annual Report and the suspension of trading in the Company's shares on the day following the period covered by this statement.
 
Events since 30 June 2020 are fully recorded in the circular to shareholders dated 3 December 2020 and in the 2019 Annual Report.  The Company has been unable to settle creditors (including your directors, who have not been paid since October 2019 and who have, additionally, agreed to waive their fees for the whole of 2021 to date).
 
The Board is hopeful, however, that the publication of this, the 2020 Interim Report, and of the 2019 Annual Report, together with the injection of £500,000 of additional capital, which is subject to the lifting of the suspension in trading in the Company's shares (the "Suspension") will provide the basis for the Company to apply to the FCA for the Suspension to be lifted.
 
 
 
 
James Normand
Chairman
 
12 May 2021
 
Executive Director's Review
The six months ended 30 June 2020 saw no investment activity.
The results for the period simply reflect accrued administrative expenditure.
 
 
 
 
Martin Lampshire
Executive Director
 
12 May 2021




 
Income Statement











Revenue


Capital


Total












Unaudited


Unaudited


Unaudited








Notes


£'000


£'000


£'000




Six months ended 30 June 2020








Losses on investments






-


(28)


(28)




Income






-


-


-




Other expenses






(256)


-


(256)




Net return before finance costs and taxation






(256)


(28)


(284)




Interest payable and similar charges






-


-


-




Net return on ordinary activities before taxation






(256)


(28)


(284)




Tax on ordinary activities






-


-


-




Net return attributable to equity shareholders






(256)


(28)


(284)


























Loss per ordinary share


2


(0.61p)


(0.07p)


(0.68p)














Six months ended 30 June 2019








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


(0.51p)


(1.46p)


(1.97p)














Year ended 31 December 2019








Losses on investments






-


(777)


(777)




Income






-


-


-




Other expenses






(589)


(471)


(1,060)




Net return before finance costs and taxation






(589)


(1,248)


(1,837)




Interest payable and similar charges






               -


-


-




Net return on ordinary activities before taxation






(589)


(1,248)


(1,837)




Tax on ordinary activities






-


-


-




Net return attributable to equity shareholders






(589)


(1,248)


(1,837)


























Loss per ordinary share


2


(1.40p)


(2.97p)


(4.37p)














 
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 30 June 2020


As at 31 December 2019


As at 30 June 2019












Unaudited


Audited


Unaudited








Notes


£'000


£'000


£'000




Fixed assets




















Investments






-


-


-












-


-


-




Current assets




















Investments






-


28


887




Debtors






-


13


15




Cash at bank and on deposit






-


2


5












-


43


907




Creditors: amounts falling due within one year




















Other creditors






(685)


(449)


(301)




Net current (liabilities) assets






(685)


(406)


606


























Net (liabilities) assets






(685)


(406)


606


























Capital and reserves




















Called up share capital






420


420


420




Share premium






36,880


36,880


36,880




Capital reserve






(33,185)


(33,157)


(32,523)




Revenue reserve






(4,800)


(4,549)


(4,171)




Equity shareholders' funds






(685)


(406)


606


























Net asset value per share


3


(1.63p)


(0.96p)


1.44p



 
 
Statement of Changes in Equity







Share capital


Share premium account


Capital reserve


Revenue reserve


Total








£'000


£'000


£'000


£'000


£'000




For the 6 months to 30 June 2020 (unaudited)




Balance at 31 December 2019


420


36,880


(33,157)


(4,549)


(406)




Return on ordinary activities after taxation


-


-


(28)


(256)


(284)




Balance at 30 June 2020


420


36,880


(33,185)


(4,805)


(690)






























For the 6 months to 30 June 2019 (unaudited)
























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



 




 
Cash Flow Statement











Six months ended 30 June












2020


2019












Unaudited


Unaudited












£'000


£'000




Operating activities
















Losses before finance costs and taxation


(284)


(826)




Losses on investments






28


614




Decrease in other receivables






13


8




Increase in other payables






241


130




Net cash outflow from operating activities
before interest and taxation


(2)


(74)




Interest paid






-


-




Net cash outflow from operating activities






(2)


(74)






















Investing activities
















Sales of investments






-


47




Net cash inflow from investing activities






-


47






















Decrease in cash and cash equivalents


(2)


(27)




Net cash at the start of the period






2


32




Net cash at the end of the period






-


5



 
The accompanying notes are an integral part of the financial statements.




 
Notes
1. Interim Results
These 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 2019. 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 2019, which were prepared under IFRS as adopted by the European Union. There have been no significant changes to management judgements and estimates.
2. 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.
3. Return per Ordinary Share
The revenue loss per ordinary share for the six months ended 30 June 2020 is based on a net loss after taxation of £256,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.
The capital loss per ordinary share for the six months ended 30 June 2020 is based on a net capital loss after taxation of £28,000 and on a weighted average of 41,964,512 ordinary shares in issue during the period.
4. Net Asset Value per Ordinary Share
The net asset value per ordinary share is based on net liabilities of £685,000 (31 December 2019: net liabilities of £406,000) and on 41,964,512 (31 December 2019: 41,964,512) ordinary shares, being the number of ordinary shares in issue at the period end.
5. 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 2020 were £83,207 (six months ended 30 June 2019: £47,000). At 30 June 2020 directors were owed £156,291 (30 June 2019: £64,000).
5. Post Balance Sheet Events
Events since the balance sheet date are fully described in the Chairman's statement.




 
Interim Report Statement
The Company's auditor PKF Littlejohn LLP, has not audited or reviewed the Interim Report to 30 June 2020 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 2019, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, will be lodged with the Registrar of Companies imminently. No full statutory accounts in respect of any period after 30 December 2019 have been reported on by the Company's auditor or delivered to the Registrar of Companies.
Directors' Statement of Principal 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 2019 which was published earlier today.
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 loss of the Company;
 
·      the Chairman's Statement and Executive Director'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; and
 
·      other than directors' remuneration, there have been no related party transactions that materially affected the financial position or performance of the Company during the period.
On behalf of the Board
 
James Normand
Chairman
12 May 2021

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