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.
Financier Andrew Regan’s investment group Corvus Capital intends to chase bigger investment targets after making nearly £11 million in 18 months.
AIM-quoted Corvus, which has its headquarters in Geneva, made £10.7 million in the 18 months to September, compared with £12 million in the year to March 2005, with a £16.3 million capital surplus more than outweighing a £5.6 million revenue deficit. The company, which realised £10.6 million from investment disposals and claims £29.5 million of unrealised gains at September 30, raised £3 million at 12.5p in January and chairman Graham Porter says it is ‘now well positioned to identify much larger investments where it can secure significant additional value’.
During the 18 months in question, Corvus provided ‘transactional support’ for 20 per cent-owned AIM counter Commoditrade in its £24.4 million purchase of a key interest in the revenues of the London Metal Exchange’s largest trading team. Commoditrade now says it is talking to several potential bidders.
The £10.6 million cash from disposals came chiefly from selling stakes in Lodore Resources and Techpacific Capital, while the other day the company placed its 17 per cent holding in insurance concern Gable Holdings with institutions for £1.9 million.
Regan, as Corvus chief executive, says: ‘Our investment strategy has delivered nearly £38.5 million of cash and unrealised investments in smaller-cap growth companies in the last 30 months. Corvus will continue to pursue further dynamic growth from investment in the small-cap market.’
Corvus shares, which have swung between 6.75p in July 2004 and 19p in September 2005, now stand at 17.25p, down 1p this morning and valuing the company at £49.5 million. More deals could be in the offing soon, which might add some spice.
£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.
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