Cmon get this shifted25 Nov 2016 11:25
This snippet from yesterday is enough to have people jumping in
"Paternoster Resources plc, the AIM quoted investing company focused on the natural resources sector, is pleased to provide a quarterly update for the three months to 30 September 2016.
Key points
· Net asset value per share at 30 September 2016 was 2.2 times the period end share price
· Total cash held was equivalent to 48% of market capitalization at the period end
· Listed investments and cash represented 184% of market capitalization at the period end
· Net asset value increased by 6% during Q3 2016
· 21% increase in net asset value year to 30 September 2016
· Improvement in underlying portfolio liquidity
Given the strong growth of the Company's underlying portfolio and good levels of liquidity which is continuing into Q4 of 2016, the Company is currently considering implementing a capital reduction in order to create distributable reserves. This would give the Company both the option to provide a distribution to shareholders and also to acquire its own shares, both of which should provide an increased real return to shareholders and allow flexibility with regard to capital structure going forward. A capital reduction would require shareholder approval and the Company will provide a further update on this in due course.
Nicholas Lee, Chairman of Paternoster, commented:
"The value of Paternoster's portfolio has continued to increase during the third quarter of 2016. Almost 90% of its investment portfolio, which is currently worth around £3.6 million, now comprises principally cash and listed investments."
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