29 June 2016

Obtala switches advisers

Robert Tyerman

Wheeler-deaLling Francesco Scolaro's Obtala Resources (OBT) has changed advisers after boosting net assets and doubling interim losses. The AIM-quoted company, which lifted net assets 36 per cent to £59.9 million and increased losses 124 per cent to £4.7 million in the six months to June, has happointed Australia's Macquarie Capital as nominated adviser and broker in replacement of ZAI Corporate Finance.

Obtala owns a big chunk of fellow AIM counter Paragon Diamonds, which upped its stake in International Diamond Consultants to 98.5 per cent (with Obtala owning the rest directly). The company raised £6 million at 50p, while Paragon raised £2.9 million, and Obtala has also agreed to secure 33 per cent of South Africa's Mokopane iron ore project, with a hoped-for potential of two billion tonnes, by taking 50 per cent of another concern Bushveld Resources.

With cash of £13.3 million, Scolaro expresses optimism for projects and future deals. At 33.5p, the shares are down from a year's high of 52.75p and offer speculative prospects.

Tags: AIM market, Francesco Scolaro, Macquarie Capital, Paragon Diamonds

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