Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAPF.L Share News (APF)

  • There is currently no data for APF

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Anglo Pacific Values Royalty From Berkeley Energia At USD13 Million

Wed, 11th May 2016 09:56

LONDON (Alliance News) - Anglo Pacific Group PLC on Wednesday noted the announcement released by fellow London-listed Berkeley Energia PLC earlier this week regarding a USD10.0 million funding package, saying its royalty interest in Berkeley's operations now have a value of USD13 million.

Anglo Pacific is invested at a corporate level in Berkeley Energia, which on Tuesday announced it had secured a USD10.0 million cash injection from one of its other major shareholders.

Resource Capital Funds, which holds a 7.2% stake in Berkeley Energia, is providing USD5.0 million to the business by acquiring around 15.6 million new shares in Berkeley Energia priced at 32.0 pence each.

The other USD5.0 million will be generated by Berkeley Energia selling a 0.375% net smelter royalty over the Salamanca project to Resource Capital Funds, as Berkeley Energia tries to minimise dilution to its other shareholders, such as Anglo Pacific.

The shares to be issued to Resource Capital Funds represent around 9.0% of the company's issued share capital prior to the shares being issued.

Anglo Pacific Group on Wednesday confirmed it currently holds 30.3 million shares in Berkeley Energia, implying it has a 16.8% stake.

Notably, Anglo Pacific also holds a 1% net smelter royalty interest over all of the production to come from Berkeley Energia's operations in Spain and Portugal after paying AUD4.1 million for the royalty way back in 2009.

"We are encouraged by this financing event, which implies a USD13 million valuation of Anglo Pacific's existing 1% NSR royalty, a multiple of our asset value, and also minimises shareholder dilution," said Julian Treger, chief executive of Anglo Pacific.

The USD10.0 million injection into Berkeley Energia will be used to progress exploration programmes and conduct some major infrastructure work, bridging the funding gap whilst Berkeley Energia secures the main development financing for the Salamanca project in Spain later this year.

"We look forward to Berkeley undertaking initial infrastructure development, and ultimately to first production at Salamanca," said Treger.

Anglo Pacific shares were up 0.6% to 73.65 pence per share on Wednesday. Berkeley Energia shares were trading flat in London at 30.50p.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
28 Feb 2022 14:41

IN BRIEF: Anglo Pacific Group CFO sells shares after option exercise

Anglo Pacific Group PLC - natural resources royalty and streaming - Chief Financial Officer Kevin Flynn sells a net total of 216,841 shares at 135.54 pence, worth GBP293,906, on Wednesday and Friday last week, after exercising options for 300,000 shares at 84.05p. Now has 162,465 shares, less than a 0.1% stake. Earlier this month, Julian Treger, the outgoing chief executive officer, sold 700,000 shares, worth GBP1.0 million.

Read more
16 Feb 2022 14:17

IN BRIEF: Anglo Pacific Group exiting CEO sells GBP1 million in shares

Anglo Pacific Group PLC - natural resources royalty and streaming - Chief Executive Officer Julian Treger sells 700,000 shares via Kings Chapel International Ltd at 144.00 pence, worth GBP1.0 million, on Friday last week. Treger now has 2.2 million shares, a 1.0% stake. Come April 1, Treger will be replaced as CEO by Chief Investment Officer Marc Bishop Lafleche. Treger has led Anglo Pacific Group for the past eight years, and Bishop Lafleche has been with the company for the same amount of time.

Read more
9 Feb 2022 15:59

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
1 Feb 2022 09:37

LONDON BROKER RATINGS: Imperials Brands raised; HSBC likes Fevertree

LONDON BROKER RATINGS: Imperials Brands raised; HSBC likes Fevertree

Read more
31 Jan 2022 14:49

EXECUTIVE CHANGES: Anglo Pacific promotes investment head to CEO

EXECUTIVE CHANGES: Anglo Pacific promotes investment head to CEO

Read more
27 Jan 2022 20:20

TRADING UPDATES: Fuller's knocked by Omicron; Wilmington lifts outlook

TRADING UPDATES: Fuller's knocked by Omicron; Wilmington lifts outlook

Read more
7 Jan 2022 09:28

LONDON BROKER RATINGS: Shell cut to Neutral; Centamin raised to Buy

LONDON BROKER RATINGS: Shell cut to Neutral; Centamin raised to Buy

Read more
31 Dec 2021 08:26

IN BRIEF: Anglo Pacific exits thermal coal with mine royalty sale

IN BRIEF: Anglo Pacific exits thermal coal with mine royalty sale

Read more
30 Dec 2021 16:05

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
24 Dec 2021 08:56

IN BRIEF: Anglo Pacific Group CEO sells GBP1.2 million in shares

IN BRIEF: Anglo Pacific Group CEO sells GBP1.2 million in shares

Read more
20 Dec 2021 16:20

DIRECTOR DEALINGS: Micro Focus chair and new CFO buy shares

DIRECTOR DEALINGS: Micro Focus chair and new CFO buy shares

Read more
15 Dec 2021 16:04

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
18 Nov 2021 16:15

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
3 Nov 2021 16:05

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
25 Oct 2021 17:53

TRADING UPDATES: Ridgecrest ends Blue Air deal; Vast's Baita Plai hit

TRADING UPDATES: Ridgecrest ends Blue Air deal; Vast's Baita Plai hit

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.