25 May 2012

PPA back to AIM

29/09/2008 Robert Tyerman

Bombed-out Pan Pacific Aggregates (PPA) has returned to the AIM lists after appointing Dowgate Capital as nominated financial adviser.

Headed by ex-English China Clays luminary William Voaden, PPA, which has strengthened its board by recruiting Euan McAlpine, ex-Cazenove fund manager, previous chairman of troubled Fearnley Group and former head of the McAlpine construction group’s quarrying arm, has seen its depressed shares slide further since returning to the market today. After hitting 91p in 2006, they now trade at 1.38p, down 0.25p today, a collapse that has caused much grief among former supporters.

PPA was first bedevilled by indigenous people’s objections to its quarrying plans in British Columbia’s Sechelt Peninsula and, more recently, has faced apparently unforeseen problems over contested equipment financing claims and crucial physical access issues with its key Pumptown granite quarry acquisition in the same region. The company is still smarting from the resignation of its original nominated adviser Hanson Westhouse when these problems came to the surface last month soon after the company had raised £1 million at 1p through Voaden’s broking group VSA Capital.

Pan Pacific is in dispute with its Canadian partner, CNI, vehicle of local developers, Herb Dunton and his brother Steve, over the equipment and access problems. Its sympathisers are not happy about Hanson Westhouse’s departure.

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Sector: Mining

Companies: Pan Pacific Aggregates

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