25 May 2012

ADI in green PLUS deal

07/07/2011 Robert Tyerman

Alexander David Investments (ADI) has put £150,000 into waste-to-fuel hopeful Evergreen Oil, which is reversing into PLUS shell Argyll Consultancies. Chaired by former Glaxo luminary and ex-stockbroker Percy Lomax and with backers including entrepreneurial small company player Keith Catchpole, AIM newcomer ADI is bullish about growth prospects for Essex-based Evergreen, which boasts a process for turning food waste into pure 'forecourt-ready' fuel.

Broker Alexander David Securities helped set up ADI, where its chief executive David Scott sits on the board. ADI is showing some respectable gains on its current investment portfolio of mainly resource shares.

Among its holdings is Pan Pacific Aggregates, the formerly troubled Canada-focused quarrying concern, also backed by Catchpole, which in May announced a proposed Company Voluntary arrangement and £5 million funding. Others include strong performers such as iron ore play Beowulf (BEM) and GGG Resources (GGG).

ADI was created out of part of the old ReGen Therapeutics biotech group, formerly headed by Lomax, and has also invested £150,000 in 10 per cent loan stock convertible into shares issued by the other part of ReGen, now traded by the private Jenkins facility. The original ReGen fell from favour on AIM despite evidence that its Colostrinin product showed efficacy in treating Alzheimer's and other neuro-degenerative illnesses.

ADI shares have fallen from 3.5p to 0.29p over the past year and now value the company at a mere £1.1 million. Not without risk, they might repay a particularly strong-nerved punt.

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Tags: AIM market, David Scott, Evergreen Oil, Pan Pacific, Percy Lomax, PLUS-quoted

Sector: General Financial

Companies: Alexander David Investments

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