25 May 2012

Pan Pacific cools on funding rumours   

14/12/2010 Robert Tyerman

Quarrying minnow Pan Pacific Aggregates describes market suggestions of possible funding for an acquisition as 'speculative rumours'. A spokesman says the AIM-quoted company has 'no comment' on these persistent suggestions, although Pan Pacific, which is focused on granite quarrying in the Canadian province of British Columbia, has always been clear it has serious expansion ambitions.

Now steered by William Voaden, a former English China Clays luminary-turned resource financier, the company is developing production and winning orders at its Quadling Quarry, close to the province's Highway One and with access to its capital Vancouver. But Pan Pacific, which reduced its interim losses 25 per cent to £832,000 and has had some modest fundings over the past year, has also cast an eye at potential profitable acquisitions.

Floated under previous management five years ago at 80p, Pan Pacific's shares later collapsed to 0.25p after local opposition forced it to abandon its original strategy. They now languish at 0.28p, valuing the company at £6.5 million, and at this stage are strictly for gamblers only.

Tags: Aggregates, AIM market, Fundraisings

Sector: Mining

Companies: Pan Pacific Aggregates

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