25 May 2012

Dana veterans strengthen Parkmead

21/12/2010 Robert Tyerman

Shares in resources investment and advice specialist Parkmead Group have surged 30 per cent as it recruits two ex-Dana Petroleum directors to its board. Parkmead, whose chairman Tom Cross was founder and boss of Dana Petroleum before Korean National Oil Corporation bought it for £1.7 billion in September, has hired Philip Dayer and Ian Rawlinson, both non-executive Dana directors until the Korean purchase, to perform the same roles at AIM-quoted Parkmead.

Dayer, an accountant with wide corporate finance experience, served on the Dana board from 2006 until last September. Rawlinson joined Dana's board five years ago after a career in investment banking and resigned at the same time. They replace Brian Wilson and Faysal Hamza, who are retiring from Parkmead's board today.

Parkmead's fortunes have been improving noticeably of late. In the year to June, the company slashed its losses from £6.3 million to £1.4 million on revenues up from £161,500 to £2.3 million.

The shares, which were floated in 2000 at 140p before later crumbling all the way to 0.73p at one point over the past year, have bounced to 13.5p, up 3.25p today, valuing the company at £81.5 million. They offer speculative promise.             

Tags: AIM market, New management, Resources

Sector: General Financial

Companies: Parkmead Group (The)

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