Resource Trust seeks £70m 10/03/2010
Specialist resources investor Baker Steel Capital Managers plans to float a trust to make pre-flotation investments in the sector.
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Annual pre-tax profits fell 18 per cent to £5.4 million at China-focused Fortune on £45 million revenues.
Hong Kong-based Fortune, which invests in and manages oil and gas infrastructure projects in China, 'almost doubled net profits after discounting exceptional items', claims Qian Benyuan, chairman of the fully-listed group. Administrative expenses increased 23 per cent to £4.6 million.
Benyuan argues China's underlying growth and buoyant energy demand underpin Fortune's prospects. The company has diversified into coal-bed methane projects to hedge against oil and gas supply constraints.
At 7.3p, Fortune's shares value the company at £133.5 million.
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Specialist resources investor Baker Steel Capital Managers plans to float a trust to make pre-flotation investments in the sector.
Property group Terrace Hill is 'actively considering' launching a residential fund after trimming annual losses to £27 million.
Bioscience winner Abcam is investigating where to deploy £33 million cash after upping interim profits 64 per cent to £11.2 million.