12th Nov 2015 10:46
LONDON (Alliance News) - Global Resources Investment Trust PLC on Thursday said it has altered the coverage ratio requirements on its convertible loans and is no longer in breach.
The company secured GBP5.0 million in convertible unsecured loan notes in February 2014, with a requirement on the notes that its coverage ratio remained no less than 4:1.
As a result of the net asset value the company announced in early November, the ratio fell below that level, but the company has now agreed an alteration to the ratio requirement to 3.6:1 and therefore is no longer in breach.
Shares in the trust were untraded on Thursday, having last traded at 5.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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