25 May 2012

Niche scoops £14m

21/04/2011 Robert Tyerman

Resources investor Niche Group (NGP) has raised £14 million at 7p to buy 5 per cent of Arar, Turkey's second largest oil licence holder. The AIM-quoted company, chaired by colourful ex-financier Christopher Stainforth and advised by Irish entrepreneur John McKeon, has secured £13 million through a placing by brokers Daniel Stewart and Canaccord Genuiity.

Fatih Alpay, Arar's managing director, is additionally investing £1 million in Niche, whose chairman Nigel Little says the company believes Arar's portfolio offers 'significant exploration upside potential and the opportunity to realise near-term gas production'. Niche is also adding £3.5 million to its loan to Oman Resources, another company with interests in Arar's prospects and where McKeon is a prime mover.

Niche shares, which surged from 0.6p to 8.08p during the past year, now change hands at 6.9p, valuing the company at £34 million. They have speculative possibilities.

Tags: AIM market, Christopher Stainforth, John McKeon, Oil, Turkey

Sector: Financial Services

Companies: Niche (suspended on 13 December 2011)

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