25 May 2012

Rowan backs Bell ventures

03/08/2006 Robert Tyerman

Resources investor Bruce Rowan has added £890,000 to his stakes in Red Rock Resources and its parent Regency Mines.

Sunvest, Rowan's Aussie-listed investment company, headed by ex-mining analyst Andrew Bell, has subscribed to 4.3 million shares at 1.875p in AIM-quoted Regency. That increases to 9.2 per cent Sunvest's holding in Regency, headed by ex-mining analyst Andrew Bell, which has interests in copper and nickel companies and projects in Australia and Papua New Guinea and a 60 per cent stake in Red Rock Resources, also quoted on AIM.

Bell, who also heads Red Rock, has subscribed for another one million shares in Regency, which has joined with Sunvest in subscribing to a £220,000 issue of Red Rock shares at 2p, taking Sunvest's stake to 5.5 per cent. Red Rock's funding accompanies news of a new iron discovery at one of Red Rock's investments Down Under, the Central Yilgarn Iron Project, whose operator suggests a possible 20 million new tonnes.

Both Regency and Red Rock were floated last year at 2p and both now trade at 1.75p after rallying on the Central Yilgarn discovery. Both have essentially speculative recovery appeal.


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Sector: Industrial Engineering

Companies: Regency Mines , Red Rock Resources

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