Global Resources Investment Trust plc
Second Interim Report & Accounts
for the twelve months ended 31 August 2015
Net Asset Value, Share Price and FTSE AiM Basic Resources Index
120
100
80
60
40
20
07 Mar 14
30 Apr 14
31 May 14
30 Jun 14
31 Jul 14
31 Aug 14
30 Sept 14
31 Oct 14
30 Nov 14
31 Dec 14
31 Jan 15
28 Feb 15
31 Mar 15
30 Apr 15
31 May 15
30 Jun 15
31 Jul 15
31 Aug 15
0
Global Resources Investment Trust plc share price Global Resources Investment Trust plc net asset value FTSE AiM Basic Resources Index
Sources: R&H Fund Services Limited and Bloomberg
Graph restated to 100
GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 31 AUGUST 2015
Global Resources Investment Trust plc 1
GRIT's investment objective is to generate medium and long-term capital growth through investing in a diverse portfolio of primarily small and mid- capitalisation natural resources and mining companies, which are listed/quoted on a relevant exchange.
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Financial Highlights
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Chairman's Statement
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Investment Manager's Review
- Top Ten Review
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Classification of Investments
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Investment Portfolio
- Condensed Income Statement
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Reconciliation of Movement in Shareholders' Funds
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Condensed Balance Sheet
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Condensed Cash Flow Statement
- Notes to the Condensed Financial Statements
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Directors' Statements
- Corporate Information
Important information
Past performance is not necessarily a guide to future performance. The value of investments and income from them may go down as well as up and are not guaranteed. Changes in rates of exchange may cause the value of investments to fluctuate. Net asset value performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take or about the contents of this document, you should immediately consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 (or in the case of recipients outside the United Kingdom, a stockbroker, bank manager, solicitor, accountant or other independent financial adviser).
If you have sold or otherwise transferred all of your holdings in Global Resources Investment Trust plc, please forward this document as soon as possible to the purchaser or transferee, or to the stockholder, bank or other agent through whom the sale or transfer was, or is being, effected, for delivery to the purchaser or transferee.
INTERIM REPORT 31 AUGUST 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC
Financial Highlights2 Financial Highlights
Six months ended | Year ended | Period from 7 March 2014 to | |
Total Return1 | 31 August 2015 | 31 August 2015 | 31 August 2015 |
Net asset value | (24.0)% | (41.2)% | (57.9)% |
Ordinary share price | (47.0)% | (67.3)% | (88.9)% |
Capital Values | 31 August 2015 | 28 February 2015 | % change period |
Net asset value per share | 39.5p | 52.0p | (24.0)% |
Ordinary share price (mid market) | 11.1p | 21.0p | (47.0)% |
Discount (difference between share price and net asset value) | (71.9)% | (59.6)% | |
Gearing Gearing provided by CULS | 26.9% | 20.4% |
Six months ended | Year ended | Year ended | |
Revenue and Dividends | 31 August 2015 | 31 August 2015 | 31 August 2014l |
Revenue loss per ordinary share | (1.21)p | (3.21)p | (0.47)p |
Ongoing charges (as a percentage of average shareholders' funds)2 | 3.7% | 3.8% | 4.0% |
Six months ended 31 August 2015 - Highs/Lows | Period High | Period Low |
Net asset value Ordinary share price (mid market) Discount | 53.1p 21.0p (71.9)% | 38.2p 11.1p (59.6)% |
1 Assumes any dividends paid are reinvested. | ||
2 Based on annualised average shareholders' funds. |
GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 31 AUGUST 2015
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