129084_GRIT IRpt V6


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




Investment Objective


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.


Contents


  1. Financial Highlights


  2. Chairman's Statement


  3. Investment Manager's Review


  4. Top Ten Review


  1. Classification of Investments


  2. Investment Portfolio


  3. Condensed Income Statement


  1. Reconciliation of Movement in Shareholders' Funds


  2. Condensed Balance Sheet


  3. Condensed Cash Flow Statement


  4. Notes to the Condensed Financial Statements


  1. Directors' Statements


  2. 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 Highlights


2 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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