29 August 2014

Forte to resume in Australia

01/03/2013 Harriet Russell

The opera house in Sydney. Photo: Dan Breckwoldt.

The opera house in Sydney. Photo: Dan Breckwoldt.

West Africa-focused Forte Energy's (LON:FTE) stock will resume trading in Australia after corporate transactions fell through.

Prospective corporate transactions were alluded to last month which prompted the suspension of the group's shares on the Australian ASX market on 1 February. At the time, the company said the shares would remain off limits until the release of appropriate quarterly reports and while discussions continued.

However, the uranium specialist has revealed today that as discussions have failed to come up with any viable transactions, the group will lift its Australian suspension. The decision to resume trading has also been taken after analysis of quarterly reports.

On an aside, Forte has also revealed it has managed to raise £587,177 under its £10 million Equity Financing  facility with Darwin Strategic, a majority owned subsidiary of Henderson Volentis Capital. The funds have been raised by the issue of 29.3 million new shares to Darwin Strategic at a price of 2.01p.

The draw upon the facility is the first by the company  and the price per share was representative of a 13 per cent premium to the closing price on 28 February.

The activity on the Australian markets is significant as this is where the group chooses to locate itself.

Shares on the London market were down 21 per cent this morning to 1.4p, valuing the company at £15.4 million.

Tags: Australia, Uranium, West Africa

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Amur is highly active in Russia

Amur updates reserves 29/08/2014

Russian copper play Amur Minerals (AIM:AMC) has upgraded the mining reserves of its Kun-Manie site by 25 per cent. 

Tags: Mining

 Beowulf still roaring 29/08/2014

Swedish iron ore play Beowulf Mining (AIM:BEM) has reported its interim results.

Tags: Mining

Mosman makes Trident bid 22/08/2014

Australasia-focused Mosman Oil and Gas (AIM: MSMN) has announced the terms of its bid for Australian oil play Trident Energy.

Magnolia issues production update 22/08/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) unveiled a reserves and production update.

Tags: Oil and gas

RapidCloud buys Exxelnet 15/08/2014

Malaysian cloud computing specialist RapidCloud (AIM:RCI) has completed the acquisition of Singaporean SEO outfit Exxelnet.

Tags: Acquisitions, Technology

Zanaga gets mining approval 15/08/2014

Mining group Zanaga Iron Ore (AIM:ZIOC) has won approval for a licence within the Republic of the Congo.

Tags: Mining

More News