News blog

Plutus Resources /IPSO Ventures

  • BY: Andrew Hore |
  • POSTED: 28/12/2012 |

IPSO Ventures has decided to demerge its investments and turn itself into a shell to invest in oil and gas or other natural resources businesses.

The renamed Plutus Resources is raising £360,000 at 0.25p a share and these new shares represent 72.5% of the enlarged share capital. Trading in IPSO shares was suspended at 1.55p. IPSO could not raise additional working capital for its existing operations and that is why the shares were suspended. 

Paternoster Resources, formerly Viridas, is subscribing for 40m shares and £100,000 of 10% convertible loan stock convertible at the placing price of 0.25p a share. Paternoster will have a 27.9% stake in Plutus. Paternoster chairman Nicholas Lee is joining the Plutus board. At 0.3p a share, Paternoster is valued at £1.76m.

Plutus will inject £60,000 into IPSO Management, the new company that will own the investment portfolio. Existing shareholders will own one share in Plutus Resources and one share in IPSO Management.

James Longley and Charles Tatnall will become chief financial officer and consultant respectively. Both men were involved with BioProgress Technologies, subsequently known as Meldex International, the film encapsulation technology developer which joined Aim in 2003. Longley was a director prior to the Aim quotation. Meldex left Aim in 2009. Administrators were appointed to Meldex in 2010 and liquidators the following year.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf

© 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 This material may not be published, broadcast, rewritten or redistributed.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