News blog

Latitude Resources

  • BY: Andrew Hore |
  • POSTED: 20/10/2008 |

Clos du Mesnil is bidding 4p a share in cash for former mining company Latitude Resources.

Latitude non-executive director Jonathan Rowland’s company Resourceworks sold its 16.2% stake in Latitude to Guernsey-incorporated Clos du Mesnil on 16 October and the bidder now owns to 46.1%. The Rowland family’s interests own Clos du Mesnil.

The main condition of the offer is the acceptance of more than 50% of the share capital. That won’t take much given Clos du Mesnil’s current stake.

The 4p a share bid values the whole company at £10.8m. 

Latitude shares were suspended 3p on 1 September because it is a shell and it had not secured a reverse takeover. Potential reverse takeover negotiations were ended on 15 October. Latitude has been looking for a resource asset to acquire.

Latitude is valued at £8.12m at the suspension price.

Latitude Resources has sold all its Chilean mining interests and investments leaving it with gross cash of £16.5m - before expenses and tax. The company’s net asset value was £16.8m at the end of 2007. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds