News blog

Plutus Resources

• BY: Andrew Hore |
• POSTED: 01/02/2014 |

Plutus Resources intends to buy the rest of standby power generator Attune Energy Ltd. 

Plutus took a 25% stake earlier this month in return for the issue of £125,000 worth of shares - based on a share price of 0.6p a share The company’s strategy is to develop power generation farms that can supply energy are peak times or when there is grid instability.

The other 75% will be acquired for shares but the Plutus management says that negotiations are at an early stage.

There was £110,000 in cash on the Plutus balance sheet at the end of October 2013.

At the suspension price of 0.8p a share, Plutus is valued at £1.15m. Last October, Plutus issued £137,000 of convertible loan notes with a conversion price of 0.5p a share. There were already £100,000 of convertibles in issue and they have a conversion price of 0.25p a share.

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