News blog

Plutus Resources

• BY: Andrew Hore |
• POSTED: 16/01/2014 |

Plutus Resources has made its first investment. 

Plutus, which used to be IPSO Ventures before becoming a resources shell, has taken a 25% stake in standby power generator Attune Energy Ltd. The stake has been acquired in return for the issue of £125,000 worth of shares - based on a share price of 0.6p a share - to Attune Energy, equivalent to 12.7% of Plutus.

Charles Tatnall and James Longley of Plutus will become directors of Leatherhead-based Attune Energy, which was incorporated on 8 January 2014 and will change its name to Plutus Energy.

The company’s strategy is to develop power generation farms that can supply energy are peak times or when there is grid instability. The intention is to seek EIS funding to finance for the capital investment in diesel generation farms. The company would manage and operate the facilities on behalf of the EIS entities. The first contracts could be secured in six months.

At 0.9p a share, Plutus is valued at £1.29m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf