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LONDON (Alliance News) - Worthington Group PLC on Monday said trading since the restoration of trading in its shares three weeks ago has shown progress, with the company pushing on with its Greenland Rare Earths project, holding talks on the acquisition of more claims for its litigation portfolio and a move towards its first media sector investment.
The investment company confirmed work in the field has started for its Greenland Rare Earths project and said it would update on this later in the week. Worthington said on September 1 that it has entered into an agreement with Greenland Rare Earth Projects over rare earth element projects in the Paatasuq area in Greenland.
Under the deal, Worthington will provide funding to explore part of Greenland's Gardar Alkaline Igneous Province and has secured a deal to buy up to 41% of Greenland Rare Earth Projects.
The group said it is also in talks to add further substantial claims to its litigation portfolio. Shares in the company surged higher earlier this month after it said it had an agreement in principle to acquire a litigation claim estimated to be worth about GBP43 million.
The suspension on the company's shares was lifted August 29 after being suspended since November 2013.
Worthington also said Monday that it expects to make an announcement in the next seven days on its first media industry investment.
Worthington Group shares were trading 10.9% higher at 35.5 pence in early trading on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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