China Growth Opportunities Ltd is changing its investing policy and its name to Kuala Ltd.
The new investing policy is focused on natural resources in Africa. The shell was running out of cash and it needed a change of direction to attract investors. Peterhouse has raised £668,000 at 0.332p a share and it will be appointed as joint broker. RFC Ambrian will become nominated adviser and joint broker. N+1 Singer had previously resigned as nominated adviser
The new shares have been taken up by a new concert party and they are also being issued with 158.4m warrants exercisable at 5p a share, which is the same price as the existing warrants. There will be a ten-for-one share consolidation but the warrants will not be affected.
The concert party will own 74.2% of the company after the shares are issued. The concert party includes Stephen Dattels who will join the board. Other members include Jim Mellon, Michael Beck, Bryan Smith, Guy Elliott, Michael Reynolds and James Taylor, all of which have been involved in companies and projects with Dattels, including Polo Resources Ltd. The other director will be Ian Burns, who also used to be a director of Polo Resources Ltd and is the managing director of concert party member Regent Mercantile.
Scarborough Holding Company will have its £70,000 loan repaid. It will also sell 5m shares at the subscription price to Regent Mercantile, as will Nicholas Brooke. Other shareholders will also be given the chance to sell some of their shares.
The shares remain suspended at 0.8p a share. The general meeting will be held on 6 November.
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