News blog
Longships
- BY: Andrew Hore |
- POSTED: 28/07/2011 |
Jersey-registered Cream Capital Ltd has taken a 7.41% in cash shell Longships.
Cream Capital has not been around for long because it was registered on 10 September 2010.
Longships has been quoted since April 2008 and it has yet to find a suitable deal.
There was a change in the shareholder base and the board one year ago. Malcolm Burne became chairman last year. Burne and the shareholders that came in at that time are normally involved in mining companies. Richard Lockwood bought 8.66% of Longships when Arlington Special Situations sold its 28.4% stake. Lockwood is a fund manager and on a number of boards, including Golden Prospect Precious Metals. Along with Burne he was a director of the company that became Ambrian Capital. Existing Longships director Nathan Steinberg has worked with Burne in the past - including on the reverse takeover of Pan African Resources.
There was £3.19m in the bank at the end of 2010 and the NAV was £3.18m. At 16p a share, Longships is valued at £3.69m so the shares are trading at a premium to asset value.
Westhouse was appointed as nominated adviser in April.
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