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Zimbabwe float for Ofex
RAB Capital is backing a £1.5 million float on Ofex/PLUS Markets for Zimbabwe Natural Resources Gateway (Zim NRG).
Adviser Loeb Aron is handling the offer at 2p for Zim NRG, which has a minimum target of £455,000 and a maximum of £1.5 million. The company, where Harare-trained accountant and financier Christopher Latilla-Campbell, 46, is managing director and 19 per cent shareholder, will use the proceeds to invest in natural resource projects and companies in the region.
Helping him will be chairman Jonathan de Thierry, 42, a geologist and corporate financier who has recently worked with junior South African platinum concern Platmin. Another director is Shingayi Mutasa, chairman of investment group TA Holdings and Zimnat Lion Insurance, both quoted on the Zimbabwe stock exchange.
The offer document says directors may be personally interested in some of the investments proposed to the board. If so, they will not vote on them and Loeb Aron will submit a memorandum to the board on any potential conflicts of interest.
After the recent £4 million AIM issue by Zimbabwe-focused African Consolidated Resources, which won a respectable institutional following, the Zim NRG offer is another sign that some in the City believe the resource-rich central African state's political and economic agony could soon be over. RAB's Special Situations (Master) Fund is subscribing for 10 per cent of the maximum number of shares on offer and 18 per cent of warrants exercisable over five years at 3p.
The shares are a punt on a post-Mugabe renaissance for Zimbabwe, which can boast tempting mineral deposits and agricultural opportunities, rather than a bloody settling of scores.
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