News blog

Longships

• BY: Andrew Hore |
• POSTED: 18/06/2013 |

Shell company Longships has appointed Grant Thornton to replace Westhouse as its nominated adviser.

In May, Longships raised £795,000 at 2.5p a share. There was £1.33m in cash in the bank at the end of 2012 following a £900,000 fundraising at 2p a share.
Longships is a clean shell that joined AIM in April 2008. Longships acquired a new chairman, Malcolm Burne, in July 2010. In July 2012, Longships invested £2.3 million of its cash in Praetorian Resources shares and distributed those shares to its own shareholders.

The board is talking to reverse takeover candidates. The experience of the board suggests a mining company but the investing strategy of the shell is not specific.

At 3.38p a share, Longships is valued at £3.37m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf