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2 Mar 2018 13:16
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Statement re: Joint Broker
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, notes the Financial Conduct Authority’s (“FCA”) announcement today regarding Beaufort Securities Limited (“BSL”) and Beaufort Asset Clearing Services Limited (the “Firms”) being placed into insolvency. The FCA’s announcement disclosed that the FCA has imposed requirements requiring the Firms to cease all regulatory activity. BSL were a joint broker to Armadale. As a result of the requirements imposed by the FCA, BSL will no longer be able to provide broking services to Armadale.
finnCap Ltd continue to act as nominated adviser and broker to Armadale.
**ENDS**
| Enquiries: | |||
| Armadale Capital Plc Tim Jones, Company Secretary | +44 20 7236 1177 | ||
| Nomad and broker: finnCap Ltd Christopher Raggett / Simon Hicks | +44 20 7220 0500 | ||
| Press Relations: St Brides Partners Ltd Susie Geliher / Charlotte Page | +44 20 7236 1177 |
Notes
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant Indicated and inferred mineral resource estimate of 51.1Mt @ 9.3% TGC, making it one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu’s potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
Aside from Mahenge Liandu, Armadale has an interest in a portfolio of quoted investments and in January 2018 agreed to sell its interest in the Mpokoto Gold Project in the Democratic Republic of Congo for total potential consideration of US$562,500 and a 1.5% royalty on gold produced. Completion of the sale agreement is subject to execution of a formal binding agreement, which is expected in Q1 2018.
More information can be found on the website www.armadalecapitalplc.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180302005287/en/
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