News blog
Longships
- BY: Andrew Hore |
- POSTED: 20/07/2010 |
- COMMENTS: Add yours
There has been stake building in cash shell Longships.
It appears that it could be heading towards becoming a natural resources business if the latest purchases are a clue.
Richard Lockwood increased his stake by 500,000 shares to 2m, or 8.66%. Lockwood is a fund manager and on a number of boards, including Golden Prospect Precious Metals. He specialises in the natural resources sector.
White Knight Investments Ltd - this spelling assumes the two spellings of the name in the announcement were misprints - has acquired 1.7m shares, while Malcolm Burne retains an interest in 225,000 shares. The direct interest is 7.365% and the indirect interest is 0.975%.
This White Knight should not be confused with Pan African Resources, which used to be known as White Knight Investments plc.
Both Lockwood and Burne were directors of what is now Ambrian Capital. Burne recently stepped down from the board of Rivington Street Holdings.
The number of shares bought equates to Range Global Funds stake of 2.2m shares so that could be the source of the shares.
The directors of Longships include Nathan Steinberg who has worked with Burne in the past - including the reverse takeover of Pan African Resources.
At 17p a share, Longships is valued at £3.92m. Net cash was £3.27m at the end of 2009.
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