News blog
Viridas / Leed Petroleum
- BY: Andrew Hore |
- POSTED: 24/01/2012 |
- COMMENTS: Add yours
Viridas has made a quick turn on its Leed Petroleum stake and banked a profit of nearly £2.4m.
The stake was sold at an average share price of 0.48p, which generated £2.87m in cash. The shares were bought just before Christmas for 0.08p each and cost £474,000.
Viridas still has 166.7m warrants to subscribe for shares at 0.15p each. At the moment there is another potential gain of £400,000 plus on these warrants. Viridas chairman Nicholas Lee remains on the Leed board.
At 0.66p a share, up 0.055p, Viridas is valued at £3.78m. The share price has almost doubled since the purchase of the Leed stake and most of that valuation is now in cash. Viridas also has a 29.4% stake in shell company Brady Exploration, formerly Capcon. Brady shares rose 0.9p to 2.65p today. That values Viridas’ stake, which was bought for 1.15p a share, at £450,000.
The Leed share price has trebled in the past month. At 0.43p, down 0.08p, Leed is valued at £11.5m.
CASOP Holdings increased its stake in Leed to 9.11%. It appears that CASOP stands for Crescent Asia Special Opportunities, a Singapore Investment Fund. UHURU Investments has taken its stake to 16.9%.
Leed has acquired a 17.5% stake in Kyrgyz Republic-based Manas Coal. Leed has also advanced £750,000 to Manas as a loan. Manas has a licence for geological exploration of coal at 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.
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