1st Oct 2019 13:30
(Alliance News) - Global Resources Investment Trust PLC on Monday said its loss per share narrowed in the first half of 2019 as its losses on investments shrank considerably.
The company's loss per share for the six months ended June 30 was 1.97 pence, narrowed from 9.24p per share loss the year before.
Global Resources incurred only GBP614,000 of losses on investments in the period, compared to a much more sizeable GBP3.3 million loss the year before.
The firm appointed a new chair, James Normand, at the end of August after a difficult 2018. Indeed, in its annual report for that year the company concluded it would be "unrealistic to expect the company to continue trading as a going concern".
To tide itself over, Global Resources sold a large chunk of its holding in Kalia Ltd for GBP216,000.
The company also held a stake in Anglo-African Minerals Ltd, which will be bought by Makar Navis Doo, and repayment of a loan of around USD1.9 million to Global Resources.
"In the month since our appointment, I and my fellow directors have concentrated our efforts on promoting the process of sale of GRIT's principal assets and on reducing overheads. As stated in the 30 August announcement, the completion of the sale of GRIT's interests in AAM would restore the company to a proper financial footing, thus restoring the company's share price and enabling the board to formulate plans for the future of the business," said Normand.
Shares in Global Resources were untraded at 4.35p in London on Tuesday afternoon.
By Anna Farley; [email protected]
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