TIDMGRIT
RNS Number : 9836M
GRIT Investment Trust PLC
19 September 2023
GRIT Investment Trust plc
'GRIT' or 'the Company'
Half-year results for the six months ended 30 June 2023
Chairman's statement
The last six months have seen a continued increase in interest
rates and high inflation in the UK. The economic uncertainties in
global capital markets largely associated with the Russia-Ukraine
conflict, have continued. However, this challenging economic
background has presented a number of opportunities to the Company's
board in its pursuit of a suitable reverse takeover target.
Set out below is the interim statement covering the six months
ended 30 June 2023. A loss of GBP83,000 is being reported for the
six months ended 30 June 2023 compared to a loss of GBP89,000 for
the six months ended 30 June 2022. The board continues to manage
costs carefully in an effort to preserve shareholder value.
Salient events
Completion of Creditors Voluntary Arrangement
In May 2023 the Company announced that the Creditors Voluntary
Arrangement ("CVA") was successfully completed following the
approval of the Company's variation to creditors to bring the CVA
to an early conclusion. The CVA creditors received a total of
83.06p in the GBP1, which compared favourably to the 20p in the
GBP1 in the original CVA proposal. The completion of the CVA is an
important step forward for the Company which can now plan a future
free of its historical debts.
Share Capital Reorganisation and Conversion of the outstanding
CULNs
A share capital reorganisation was approved at the Company's AGM
in June resulting in each existing ordinary share of 2.5p be
sub-divided into one ordinary share of 0.1p and one deferred share
of 2.4p. Resolutions were also passed at the AGM to enable the
Company to issue 11,472,175 New Ordinary Shares in connection with
the conversion of the outstanding CULN's and issue up to an
additional 120,000,000 New Ordinary Shares for cash.
Strategy of the new Board
Whilst the Company is still an Investment Trust, it continues to
seek to acquire a business which would result in a Reverse
Takeover. This will enable the Company to achieve an appropriate
listing on a public market and it is envisaged that the
announcement of any such proposed transaction would result in the
suspension of the Company's shares from trading on the Official
List. If an RTO transaction can be achieved the Board believes it
will provide a platform for the future growth of the Company and a
positive outcome for shareholders.
Richard Lockwood
Chairman
20 September 2023
Enquiries:
GRIT Investment Trust plc
Martin Lampshire
Tel: +44 (0) 20 3198 2554
Peterhouse Capital Limited
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7469 0930
Income Statement
Revenue Capital Total
Unaudited Unaudited Unaudited
-------------------------------------- ------ ---------- ---------- ----------
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- ------ ---------- ---------- ----------
Six months ended 30 June 2023
Profit on disposal of investments - - -
Other income - - -
Other expenses (83) - (83)
-------------------------------------- ------ ---------- ---------- ----------
Net return before finance costs
and taxation (83) - (83)
Interest payable and similar charges - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return on ordinary activities
before taxation (83) - (83)
Tax on ordinary activities - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return attributable to equity
shareholders (83) - (83)
-------------------------------------- ------ ========== ========== ==========
Profit (loss) per ordinary share 3 (0.52p) - (0.52p)
-------------------------------------- ------ ---------- ---------- ----------
Six months ended 30 June 2022
Profit on disposal of investments - - -
Other income 96 - 96
Other expenses (153) - (153)
-------------------------------------- ------ ---------- ---------- ----------
Net return before finance costs
and taxation (57) - (57)
Interest payable and similar charges (32) - (32)
-------------------------------------- ------ ---------- ---------- ----------
Net return on ordinary activities
before taxation (89) - (89)
Tax on ordinary activities - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return attributable to equity
shareholders (89) (89)
-------------------------------------- ------ ========== ========== ==========
Profit (loss) per ordinary share 3 (0.56p) - (0.56p)
-------------------------------------- ------ ---------- ---------- ----------
Year ended 31 December 2022
Profit on disposal of investments - - -
Other income 96 - 96
Other expenses (212) - (212)
-------------------------------------- ------ ---------- ---------- ----------
Net return before finance costs
and taxation (116) - (116)
Interest payable and similar charges (39) - (39)
-------------------------------------- ------ ---------- ---------- ----------
Net return on ordinary activities
before taxation (155) - (155)
Tax on ordinary activities - - -
-------------------------------------- ------ ---------- ---------- ----------
Net return attributable to equity
shareholders (155) - (155)
-------------------------------------- ------ ========== ========== ==========
Profit (loss) per ordinary share 3 (2.35p) - (2.35p)
-------------------------------------- ------ ---------- ---------- ----------
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 profit for the period is attributable to the
owners of the Company.
No operations were acquired or discontinued in the year.
A Statement of Other Comprehensive Income is not required as all
gains and losses of the Company have been reflected in the above
Income Statement.
Balance Sheet
As at As at As at
30 June 31 December 30 June
2023 2022 2022
Unaudited Audited Unaudited
---------------------------------- ------ ---------- ------------- ----------
Notes GBP'000 GBP'000 GBP'000
---------------------------------- ------ ---------- ------------- ----------
Fixed assets
Investments - - -
---------------------------------- ------ ---------- ------------- ----------
- - -
---------------------------------- ------ ---------- ------------- ----------
Current assets
Debtors 24 140 137
Cash at bank and on deposit 19 66 187
---------------------------------- ------ ---------- ------------- ----------
43 206 324
Creditors: amounts falling due
within one year
Other creditors (107) (271) (330)
Convertible unsecured loan notes (370) - -
Net current (liabilities) assets (434) (65) (6)
---------------------------------- ------ ---------- ------------- ----------
Creditors: amounts falling due
after one year
Convertible unsecured loan notes - (445) (692)
---------------------------------- ------ ---------- ------------- ----------
Net (liabilities) assets (434) (510) (698)
---------------------------------- ------ ========== ============= ==========
Capital and reserves
Called up share capital 833 758 504
Share premium 36,922 36,922 36,922
Capital reserve (32,697) (32,697) (32,697)
Revenue reserve (5,560) (5,561) (5,495)
Other reserve 68 68 68
---------------------------------- ------ ========== ============= ==========
Equity shareholders' funds (434) (510) (698)
---------------------------------- ------ ========== ============= ==========
Net asset value per share 4 (2.38p) (3.36p) (13.86p)
---------------------------------- ------ ---------- ------------- ----------
Statement of Changes in Share
Equity Share premium Capital Revenue Other
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- --------- --------- ----------- -------- ------------
For the 6 months to 30 June 2023
(unaudited)
Balance at 31 December 2022 758 36,922 (32,697) (5,561) 68 (510)
Issue of shares 75 - - - - 75
Return on ordinary activities
after taxation - - - 1 - 1
--------- --------- --------- ----------- -------- ------------
Balance at 30 June 2023 833 36,922 (32,697) (5,560) 68 (434)
------------------------------- ========= ========= ========= =========== ======== ============
For the 6 months to 30 June
2022 (unaudited)
------------------------------------------ -------- --------- ------- ------------- ---- --------
Balance at 31 December 2021 504 36,922 (32,697) (5,406) 68 (609)
Issue of shares - - - - - -
Return on ordinary activities
after taxation - - - (89) - (89)
--------- --------- --------- ----------- -------- ------------
Balance at 30 June 2022 504 36,922 (32,697) (5,495) 68 (698)
------------------------------- ========= ========= ========= =========== ======== ============
The revenue reserve represents the amount of the Company's
reserves distributable by way of dividend.
Cash Flow Statement
Six months ended
30 June
----------------------------------------------
2023 2022
Unaudited Unaudited
-------------------------------------------------- ------------------------- -------------------
GBP'000 GBP'000
-------------------------------------------------- ------------------------- -------------------
(Loss)/profit before finance costs and
taxation (83) (57)
Adjustments for:
Conclusion of Company Voluntary Arrangement 84 -
Operating cash flows before movements
in working capital 1 (57)
Operating activities
(Increase)/Decrease in other receivables 116 (137)
(Decrease)/increase in other payables (164) (107)
Net cash outflow from operating activities (47) (301)
-------------------------------------------------- ------------------------- -------------------
Investing activities
Proceeds from the sale of investment - -
-------------------------------------------------- ------------------------- -------------------
Net cash inflow from investing activities - -
-------------------------------------------------- ------------------------- -------------------
Financing activities
Issue of shares - -
Net cash inflow from financing activities - -
-------------------------------------------------- ------------------------- -------------------
Increase/(decrease) in cash and cash equivalents (47) (301)
Net cash at the start of the period 66 488
-------------------------------------------------- ------------------------- -------------------
Net cash at the end of the period 19 187
-------------------------------------------------- ------------------------- -------------------
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
UK and the accounting policies set out in the statutory accounts of
the Company for the year ended 31 December 2022. 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 2022, which were prepared in accordance with
UK-adopted international accounting standards. 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 2023 is based on a net loss after taxation of GBP83,000 and on
a weighted average of 15,838,260 ordinary shares in issue during
the period.
The capital loss per ordinary share for the six months ended 30
June 2023 is based on a net capital profit after taxation of GBPNil
and on a weighted average of 15,838,260 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 GBP434,000 (31 December 2022: net liabilities of
GBP510,000) and on 18,198,295 (31 December 2022: 15,196,857)
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 2023 were GBPNil (six months
ended 30 June 2022: GBP10,000) At 30 June 2023 directors were owed
GBPNil (30 June 2022: GBP60,370).
5. Post Balance Sheet Events
Events since the balance sheet date are fully described in the
outgoing Chairman's statement.
Interim Report Statement
The Company's auditor PKF Littlejohn LLP, has not audited or
reviewed the Interim Report to 30 June 2023 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 2022, which received an
unqualified audit report and which did not contain a statement
under Section 498 of the Companies Act 2006, have been lodged with
the Registrar of Companies. No full statutory accounts in respect
of any period after 31 December 2022 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
2022. In the opinion of the Directors the Company's principal risks
and uncertainties have not changed materially since the date of
that report and did not change materially for the rest of the
Company's financial reporting period to 31 December 2022.
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
Richard Lockwood
Chairman
20 September 2023
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END
IR BCGDCBGBDGXC
(END) Dow Jones Newswires
September 20, 2023 02:00 ET (06:00 GMT)
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