Avocet targets growth after setback 18/03/2010
Gold producer Avocet Mining hopes its Wega acquisition will take 2010 group output to 200,000 oz after a flat nine months.
Serial Hong Kong capitalist Dr Johnny Hon is bringing another entrepreneurial venture to London, in the shape of credit card specialist Oriental City Group. OCG, which is advised by entrepreneurial attorney Andrew Greystoke’s Atlantic Law, has already raised £2 million from private backers and expects to begin trading on PLUS in early March.
Backed by China UnionPay, the state-owned payment system, Hong Kong-based OCG promotes ‘lifestyle credit cards’ that offer special rewards. The company currently has more than 70,000 members in Hong Kong and China and hoisted revenues 40 per cent to US$482,000 (£241,000) between 2004 and 2006.
Founder and chief executive Henry Yu supposes the float will allow OCG to receive ‘greater exposure and help facilitate the company’s growth in 2007 and beyond’.
Well-connected Hon, who is vice chairman of Cambridge United Football Club, chairman of AIM-listed Chinese lottery operator Betex and also of PLUS-quoted trio Global Entertainment, Global Education and Silverback Media – will be non-executive chairman of a board whose members include Navigator Asset Management boss Nicholas Camilleri and Geoff Morrow, songwriter and deputy chairman of Hon’s Global Group of companies.
The shares will value the venture at just short of £8 million and, like most of Hon’s other London undertakings, will be an unpredictable performer.
£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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Gold producer Avocet Mining hopes its Wega acquisition will take 2010 group output to 200,000 oz after a flat nine months.
AIM shell China Evoline is understood to be contemplating the injection of some Chinese mining assets.
Small and medium sized company financier Ultimate Finance has increased first-half profits 36 per cent to £191,000 pre-tax.