Gledhow to raise £400,000 and become Penina Investments, in Cameron Pearce-backed deal
Gledhow Investments (GDH ), an Aquis-listed investment vehicle, is to acquire Penina Resources Ltd, following a transaction that will also involve a £400,000 subscription for shares at 1p each.
One of the prime movers behind the transaction is Cameron Pearce, a seasoned mining financier from Australia, who was also behind the listings of Blencowe Resources and Citius Resources, now Harena Rare Earths. He was also previously chairman of Emmerson PLC.
Penina has £219,000 cash of its own, money which will go towards extinguishing Gledhow’s outstanding convertible loan notes.
Pearce will go on the board as a non-executive, as will Sam Quinn, another Australian with plenty of experience in natural resources.
Following completion, the company will have a materially strengthened balance sheet, an expanded board with significant natural resources and capital markets expertise, and enhanced financial flexibility to pursue new opportunities.
In addition, there will be a name change to Penina Investments.
The investment strategy will henceforth be focussed on natural resources sector.
Penina is a non-trading cash entity with approximately £219,000 in cash and no liabilities. Its current directors are Sam Quinn and Cameron Pearce.
View from Vox
Cameron Pearce has had several successes in the past in the natural resources space, so it’s interesting to see him coming round again for another go, in a market that remains cautiously upbeat, even if there are more headwinds now than there were six months ago. The real question will be what sort of asset or project Pearce and Quinn end up putting into the company. No doubt lots of opportunities cross their desks every day. And no doubt, having got this far, they’ve already got an asset in mind. We shall see.
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