China Africa Resources PLC Change of Adviser (1809V)
January 26 2017 - 3:04AM
UK Regulatory
TIDMCAF
RNS Number : 1809V
China Africa Resources PLC
26 January 2017
China Africa Resources PLC
26 January 2017
China Africa Resources plc
("China Africa" or the "Company")
Change of Adviser
China Africa Resources plc (LON:CAF) the London Stock Exchange
AIM listed natural resource exploration and development company is
pleased to advise that PKF Littlejohn LLP has been appointed as the
Company's auditors.
BDO LLP, the outgoing auditors, have confirmed that in
accordance with Section 519 of the Companies Act 2006 there are no
circumstances connected with their ceasing to hold office that they
consider should be brought to the attention of the Company's
members or creditors.
China Africa Resources plc has effected this change in order to
further reduce the Company's ongoing costs.
For further information on the Company, visit:
http://www.chinaafricares.com/.
China Africa Resources PLC T: +44 (0) 1707 800774
Paul Johnson, Chief Executive
Officer
SPARK Advisory Partners - T: +44 (0) 2033 683
Nominated Adviser 555
Sean Wyndham-Quin
Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited - Joint T: +44 (0) 1483 413
Broker 500
Nick Emerson
Andy Thacker
Beaufort Securities Limited T: +44 (0) 207 382
- Joint Broker 8300
Elliot Hance
China Africa Resources Investing Policy:
Under the AIM Rules for Companies, CAF is required to complete
an acquisition or acquisitions that constitutes a reverse takeover
within six months of becoming an AIM Rule 15 Cash Shell or it will
face suspension from trading on AIM. The Directors intend to apply
the investing policy set out below in seeking an acquisition or
acquisitions that will constitute a reverse takeover but there can
be no certainty that they will be able to do this in the specified
time frame.
The Board proposes to invest in and/or acquire companies and/or
projects within the natural resource sector but with a particular
interest in opportunities in the energy metal and minerals sector
and with a key focus on opportunities in respect of uranium,
lithium, cobalt, copper and coal. Each commodity has a specific
relevance to the Energy space in terms of power generation, storage
and distribution.
The Board considers that, as evidenced by the financial support
provided by the new investors for the proposals outlined there is a
strong demand for energy metal and mineral opportunities on
London's AIM.
The Board will not be limited to a specific geographic focus. In
selecting investment opportunities, the Board will focus on
businesses, assets and/or projects that are available at attractive
valuations and hold opportunities to unlock embedded value or
where, through efficient and focused work, there is the prospect of
adding considerable value to each project, for the benefit of
shareholders.
Where appropriate, the new Board may seek to invest in
businesses where it may influence the business at a board level,
add their expertise to the management of the business, and utilise
their industry relationships and access to finance.
The Company's interests in a proposed investment and/or
acquisition may range from a minority position to full ownership
and may comprise one investment or multiple investments. The
proposed investments may be in quoted or unquoted companies; be
made by direct acquisitions or farm-ins; and may be in companies,
partnerships, earn-in joint ventures, debt or other loan
structures, joint ventures or direct or indirect interests in
assets or projects. The new Board may focus on investments where
intrinsic value can be achieved from the restructuring of
investments or merger of complementary businesses.
The Board expects that investments will typically be held for
the medium to long term, although short term disposal of assets
cannot be ruled out if there is an opportunity to generate an
attractive return for Shareholders. The new Board will place no
minimum or maximum limit on the length of time that any investment
may be held.
The Board will conduct initial due diligence appraisals of
potential businesses or projects and, where they believe further
investigation is warranted, intend to appoint appropriately
qualified persons to assist.
The Board believes it has a broad range of contacts through
which it is likely to identify various opportunities which may
prove suitable. The new Board believes its expertise will enable it
to determine quickly which opportunities could be viable and so
progress quickly to formal due diligence.
The Company will not have a separate investment manager. The
Board proposes to carry out a comprehensive and thorough project
review process in which all material aspects of a potential project
or business will be subject to rigorous due diligence, as
appropriate. Due to the nature of the sector in which the Company
is focused the Company expects a focus on capital returns over the
medium to long term. Should opportunities arise for an early cash
return to investors, this will be considered by the Board.
It is emphasised that there is no certainty that the Company
will be able to secure an acquisition or Reverse Takeover as set
out above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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