LONDON (Alliance News) - Nova Resources Limited Tuesday said that it has agreed to sell its entire stake in European Islamic Investment Bank to Pearce Global Investments Limited, for a total consideration of GBP663,892.
The Bermuda-based company, which focuses on acquiring businesses that are engaged in providing services and facilities to the natural resources industries, said that the consideration is to be paid by the transfer of warrants over 9.0 million shares in Tricor PLC, the AIM-list investment company focussed on the natural resources sector.
Nova said that the shares can be exercised at its discretion by the end of 2017, at an exercise prices of 0.5p, although it intends to retain the warrants for the foreseeable future. Nova said the warrants are valued at 7.38p apiece, representing a premium on Tricor's current share price of 6.50p at the time of the agreement.
Nova Resources shares were down 4.8% or 0.05 pence mid morning Tuesday, trading at 1.00 pence per share. Tricor was quoted at 7.50p, up 1.00p or 15%.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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