Floats chime for Bell
The arrival of Australian iron ore venture Red Rock Resources onto AIM brings more cheer for Andrew Bell, the former mining analyst at erstwhile merchant bank Morgan Grenfell who now heads Red Rock’s already AIM-quoted parent, Regency Mines. Regency’s 72 per cent stake in Red Rock and 4.5 per cent holding in Thor, another recent AIM mining recruit, are together worth more than Regency’s entire depressed market value of £2.2 million.
Regency has support from antipodean small company backer Bruce Rowan and RAB Capital (with which Bell has a joint venture, Bellmin), ambitious plans to obtain and develop promising iron ore projects in Western Australia and Tasmania, copper in Queensland and tempting manganese and magnetite prospects. Yet Regency has seen its shares rise from January’s 2p float price to 6p before sliding all the way to 1.75p.
Bell, a friend of colourful Australian financier and entrepreneur Andrew Kent, hopes the company will now cut more of a dash.
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