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Viridas Share Discussion Threads
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|The virus is from advfn itself when running java|
|Is this why the stellar rise in LDP yesterday ?
RNS Number : 9480G
Legendary Investments PLC
05 July 2012
5 July 2012
Legendary Investments Plc
("Legendary" or the "Company")
Investment in Energy Asset
Legendary is pleased to announce that it has invested GBP100,000 in cash into Kyrgyzstan based Manas Minerals LLC ("Manas Minerals"). Manas Minerals owns the Padsha Ata Licence to mine for coal in the Chatkal Ridge in the Asksy region of Jalal-Abad, Kyrgyzstan. Existing Soviet surveys suggest that the region contains 182 million tonnes of coal reserves of which 116 million are in the P1 and P2 categories according to the Russian standard for resource reporting.*
An internationally recognised firm of consultants has been engaged to confirm the Soviet surveys. A specialist engineering firm is carrying out a works program on Padsha-Ata. This program includes profiling, trenching, drilling and the improvement of site access, and is expected to be completed later this year. The results of qualitative studies conducted to date indicate the coal to be of high calorific value, with energy values in excess of 25 MJ/kg and low ash and sulphur content.
The intention is to seek further licences in the region, certain of which have already been identified, and combine them into a single combine. Jalal-Abad is strategically located within in 200 km of the Chinese border.
Legendary's investment is by way of a convertible loan note which when converted is expected to result in Legendary having a 1.0% stake in Manas Minerals. In addition, Legendary has an option with an exercise price of GBP50,000 which upon exercise would result in Legendary having an additional 0.5% stake in Manas Minerals or equivalent thereof in any successor entity.
Value crystallisation is expected through|
|haven't had a chance to catch up on the reading but does anyone know the monthly cash burn|
|skiboy, your link will only work for blue posters, this one will work for all posters.
|I'll do a new thread today|
|Web site updated, at least NL is at work, really thought that he might have released something at the AGM|
|Time for a new PRS thread....could you please do the honours on that front Skiboy10?|
|We are PRS,
It is expected that the Company will begin trading under the new name, Paternoster Resources plc, from 8.00am on 28 June 2012. The Company's new TIDM (ticker symbol) will be PRS.|
|Who said things can't get worse, ADVFN has PRS (that's us remember) down 100%. Never seen that before but the share price is the same as yesterday so panic not.|
|Marab. thanks for that. I wonder when they change name for no reason and there are more pressing matters to attend. I do hold at an average of .5 however I stopped looking in every day when got to todays sp, some time ago.|
|marn2 - VIR doesn't have a very good history of success so that might be one reason for the change. No idea of cost to change but I doubt it will be that expensive. The share price here is pretty much half of the cash held by the company, without considering the actual investments held, so I would reckon not a lot of downside from here short of some really bad news.|
|Does anyone know the reason for the name change and costs ? Unfortunately I have prevously held shares in a couple of companies who's share price has only gone down after such a change. Hope this is not the case here. Thanks in advance.|
|Thanks Skiboy 10, sounds all promising, all we can do is wait & see for now. :-)|
|8. THAT the investment policy set out below be adopted by the Company as its Investment Policy going forward:
"The Investing Policy of the Company
The Company will seek to invest in opportunities within the natural resources sector that the Directors believe either are of strategic value or represent a significant value opportunity. The Company is prepared to take an active role in its investments where it is deemed to be appropriate.
The Directors plan to adopt a flexible approach, both to the form of the Company's investments and the subject of its investments. This includes making investments in other listed investment companies focused on the natural resources sector, including those with no significant assets other than cash. The Directors believe that investing in other natural resources focused investing companies will provide the Company with greater scope to make and support investments in the natural resources sector.
The Company's investments may take the form of:
Possible investments could include direct or indirect investments in:
Permits and licences
Exploration, mining and production operations
Processing and development projects
The Company may make indirect investments via:
Unquoted companies seeking a public quotation
Candidates for reverse transactions into quoted investment companies
The Company may invest in these types of opportunities through:
Joint venture arrangements
As finance for management buy-outs or buy-ins
As finance for pre-IPO, seed and underwriting positions
Such investments may result in the Company acquiring the whole or part of a company or project.
The Company will consider opportunities anywhere in the world, with a particular focus on Africa, the Americas, Australasia, Central and Eastern Europe and Russia and the former Soviet Union republics. The Company expects to be an active investor in situations where the Company can make a clear contribution to the progress and development of the investment. In respect of other, principally more substantial opportunities, the Company expects to be a passive investor.
The Company intends to invest for the medium to long-term. However, should an opportunity arise to realise its investments, the Company will consider these on a case-by-case basis and seek to maximise value for shareholders. The Directors intend to hold all investments for a minimum of 30 days. Other than set out above, there are no restrictions on the Company's investment policy.
The Company intends to utilise industry experts in the analysis of proposed investments, and it is intended that the decision making process will be a collegiate, team-based approach, driven by intrinsic value or informed opinion.
The returns to Shareholders are expected to be by way of dividends and growth in the value of the Company's shares."|
|Viridas, the AIM listed investing company (AIM:VIR), announces that at the Company's Annual General Meeting of shareholders, held earlier today, all resolutions were duly passed, including Resolution 7, the change of the Company's name to "Paternoster Resources plc" and Resolution 8, the adoption of a new investing policy.
Has anybody knowledge of "Resolution 8, the adoption of a new investing policy"?|
|So tomorrow we start trading under the ticker PRS, new ticker new investments? Would be nice to see some action here eventually.|
|JoJo_Jo - that's the magical world that is the stock market. Bargain time here at the moment and worth holding for news. Can't be many better buys on AIM than this one.|
|Assuming we haven't burnt much/any of the cash, we should be worth at least £3.7m now, of which £3m is cash.
Weird to be trading at a 50% discount to cash?
|sweepie2 , what do you think over there?|
|An unusual name , but anyway I hope something good will come of it.|
|Probably not as it would remind people of the old Viridas and we need a new start, not looking back to the past|