1st Mar 2016 10:16
LONDON (Alliance News) - Global Resources Investment Trust PLC on Tuesday said it is holding talks about extending the deadline for its recent subscription agreement.
In January, Global Resources proposed a firm placing of 195 million shares at a price of 2 pence each with Dubai-based Primestar, and 75 million shares with RDP Fund Management LLP, to be scaled down at its discretion to ensure enough shares are in public hands, in accordance with listing rules.
The agreement is designed to shore up the finances of the trust.
On Tuesday, Global Resources said it is in talks with PrimeStar to extend the completion deadline for the subscription agreement and was holding talks to extend the early redemption deadline for the USD3.5 million in convertible notes held by LIM Asia Multi-Strategy Fund Inc.
Shares in the trust were down 33% to 2.66p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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