15th Aug 2019 17:39
(Alliance News) - Global Resources Investment Trust PLC on Thursday said it has become clear that it would not be able to pass a resolution to place the company into members' voluntary liquidation.
Therefore, the investment firm said it will carry out a strategic review concerning its future operations.
In the meantime, to provide working capital, Global Resources said it agreed to sell 430 million shares in Kalia Ltd for GBP225,000. The company intends to use these proceeds to pay outstanding creditors.
Following the sale, Global Resources will continue to hold 50 million Kalia shares with a market value of GBP28,000.
In addition, the company said it appointed James Normand and Stephen Roberts as non-executive directors, while Martin Lampshire was hired as executive director.
Meanwhile, Global Resources said Simon Farrell, Haruko Fukuda and David Hutchins will step down from the board from the conclusion of its annual general meeting on August 29. Normand will succeed Farrell as chair.
"The board of directors of the company believe the strategic review would be best conducted by a new board of directors," Global Resources said in its statement Thursday.
The stock closed 3.3% lower on Thursday in London at 1.45 pence a share.
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