News blog
LP Hill
- BY: Andrew Hore |
- POSTED: 09/09/2009 |
Almaretta Pty Ltd has converted its loan note in shell company LP Hill thereby increasing the issued share capital by more than one-quarter.
This follows a share placing in August 2009 that raised £850,000 at 5p a share.
The £50,000 loan note was bought by Australia-based Almaretta for £18,000 at the beginning of August 2009. This has been converted into 5m shares at 1p a share. That takes the Almaretta stake to 5.2m shares - 22.8%. Almaretta paid £2,000 for the other 200,000 shares it owns.
Shares in LP Hill were suspended on 27 August 2009 at 31.5p each. At that price the enlarged share capital of 22.77m shares would be worth £7.17m. The pro forma net asset value of LP Hill is less than £1m and its main asset is its cash and the experience of its bid, which includes Bezant Resources director Gerry Nealon.
Trading in the shares was suspended because LP Hill had been a shell for 12 months and had not made an acquisition. It has a further six months to find an acquisition or its quotation will be cancelled.
There is no firm news on what LP Hill will do but it seems possible it may involve mining. Bezant resources was originally a shell called Voss Net.
Strand Partners is replacing Beaumont Cornish as nominated adviser.
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