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Leed Petroleum / Gledhow Investments

BY: Andrew Hore |
POSTED: 25/01/2012 |
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Plus-quoted Gledhow Investments is the latest investor to make a quick profit on its stake in Leed Petroleum.

This follows the £2.4m profit made by Viridas on its initial £474,000 investment in Leed, which owns a stake in Kyrgyz Republic-based Manas Coal. Manas has a licence for exploration of coal in the Eastern Kokkia area of Toguz-Toro district, Jalal-Abad region, Kyrgyz Republic. There is an estimated reserve of approximately 114m tons of high grade coking coal in the licence area. Shares in Leed rose 0.08p to 0.51p, clawing back yesterday’s gain. Leed is valued at £13.6m.

Gledhow has sold its 100m shares in Leed for £424,000, having acquired them last May for £100,000. That is a £324,000 profit.

At the end of September 2011, Gledhow had £466,000 in the bank and that was after the Leed investment was made. The net asset value was £652,000 so the pro forma net asset value is around £970,000.

Gledhow is valued at £613,000 at a share price of 1.25p. There has not been a trade in Gledhow shares since 16 September 2011 when the trade price was 1p a share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf