West African hopes cheer Forte 16/03/2010
Forte Energy expects new uranium resource figures for its Mauritanian projects shortly and could start producing from Guinea by 2012.
Commodities investment group Commoditrade has appointed London Metal Exchange manager Andrew Dobie to be a non-executive director.
AIM-quoted Commoditrade Inc, backed by financier Andrew Regan's ambitious Corvus Capital group, has recruited Dobie, 42, an LME trader since 1995, in a boardroom reshuffle which sees chairman Graham Butt becoming chief executive and director Chris Adams becoming non-executive chairman. Analysts expect full-year pre-tax profits of between £12 million and £13.5 million from Commoditrade, which in April bought a majority stake in the LME profits of international commodity trader Sucden, and made £4.5 million pre-tax at the half year stage.
Commoditrade, which specialises in base metals, is thought to be in line for revenues of £20 to £23 million, and is understood to be considering possible new moves, perhaps involving investment activities and/or acquisitions. Recommended as a speculation at 18.5p by Growth Company Investor in April, the shares now trade at 30p, valuing the company at £113 million.
Partial profit-taking might be prudent, though it is worth holding a chunk for potential future profits.
£7,277 That’s what you would have in your portfolio if you had invested £6,000 into the six Company Watch recommendations in our April 2009 issue.
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Forte Energy expects new uranium resource figures for its Mauritanian projects shortly and could start producing from Guinea by 2012.
Cretan Group, with ambitious tourism projects in Crete, is poised for an introduction to PLUS-quoted.
Oil and gas services, production and exploration concern Rheochem is tapping AIM with a 5p placing for a North Sea project.