With a successful IPO and the support of influential investors in the resource sector, Ajax Resources Plc (AJAX) is a SPAC with a main board London listing.
A SPAC or Special Purpose Acquisition Company raises funds to buy a private company and chief executive Ippolito Cattaneo says while Ajax has “the joy and fortune of being a blank canvas,” travel plans are already being drawn up for the potential targets under consideration.
Cattaneo and his team are looking for an onshore, low risk target in a stable jurisdiction that has a clean history which will allow a swift transaction that can be developed, monetised and create shareholder value.
Crucially Ajax want to be the operators of whatever they buy. Cattaneo doesn’t believe in remote email management and says he doesn’t want to delegate to distant management teams. “We want to have hands on, direct oversight of the asset and the operations for prudent effective development of the asset. Operatorship is a key ingredient.”
Also a key ingredient is the pedigree and diversity of the board. Cattaneo and chief financial officer Luca Benedetto have oil and gas experience in the form of Zenith Energy, and Ajax's chairman 'Metal Mike' aka Michael Hutchinson, the former chairman of Bluejay Mining, gives the company exposure to a formidable mining network.
Ajax is therefore looking beyond oil and gas to capitalise on opportunities in the current environment which Cattaneo describes as “so favourable and attractive as there's such a demand for energy and resources.”
With over £1.3 million raised on the April 7th IPO, Cattaneo is confident they will make their first acquisition before the regulatory deadline of 24 months. “We’ve secured the backing of supportive and influential shareholders and we'll do our utmost to honour their trust and deliver value to them and any new shareholder who joins us on our way as we march forward in delivering value to our shareholder.”
Ajax Resources (AJAX)