GRIT Investment Trust (GRIT) has announced its results for the six months ended 30 June 2023. The company’s NAV fell 29% over the period while shares fell 51.8%.
Commenting on the results, Chairman Richard Lockwood noted:
“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. A loss of £83,000 is being reported for the six months ended 30 June 2023 compared to a loss of £89,000 for the six months ended 30 June 2022. The board continues to manage costs carefully in an effort to preserve shareholder value.
“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.”
GRIT: GRIT continues to seek reverse takeover