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.
Insurance run-off specialist Randall & Quilter has bought another company after doubling interim profits to £4.4 million pre-tax.
The AIM-quoted company is run by Lloyd’s veteran Ken Randall. It buys ‘solvent’ non-life insurance companies writing no new business but running off old policies. Randall has also acquired another successful run-off concern, KMS, for £1.78 million. KMS was set up by management three years ago and is the successor company to KWELM Management Services. It was established in 1992 to administer a scheme of arrangement, then the world’s largest ever in the sector, for five companies involved in the collapse of the London United Insurance Group.
Randall & Quilter increased profits in the six months to June despite a £200,000 slide in total income to £10.6 million, with an eightfold jump in net insurance claims released to £4.6 million. The company recovered 85 per cent of the cost of acquiring the Chevanstall concern with an £11 million capital release and is on the lookout for more deals, after arranging a £30 million revolving credit facility for that purpose.
Floated last December at 125p, Randall & Quilter shares reached 152.5p in June, but have now eased to 139p, valuing the company at £78 million. They could fare better over the longer term.
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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.
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