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16 Dec 2009 16:15
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Bidtimes Plc
Investing policy update
16 December 2009
The Company announces clarification of its investing policy in line with the revised AIM Rules for investing companies:
The Company's current investmentΒ policyΒ is that of identifying and pursuing investments in mineral and energy resources, including renewable energy resources.
The investmentΒ policyΒ will be carried out by the Directors, led by the executive chairman, Anthony Brennan, who has over 19 years experience in the mining and energy sectors, and most recentlyΒ in the renewable energy sector.Β The other Directors all have experience in the natural resources sector and will be actively involved in identifying and assessing suitable investment opportunities.Β The Directors believe the proposed investment policy will be achieved by exploiting the Directors networks in the natural resources industry and through a thorough and detailed investment appraisal and vetting process.
The Company will seek to takeΒ anΒ active role in the investments it makes, and in the majority of cases willΒ ultimatelyΒ seek to takeΒ a controlling stake in investee companies andΒ appoint directorsΒ toΒ the board of the investee company. Minority stake investments will be considered in circumstances where the risk return profile is sufficiently attractive and there is either an option to acquire a majority stake, or realise its investment in the short to medium term.Β
The Company has no set investment horizon and will hold investments for such period of time until the Directors feel the Company can realise maximum value from any exit.Β Β
It is the intention of the Directors to retain any earnings to fund further investment in the group's activities and thereby achieve capital growth.
Current Investments
The Company has identified joint venture exploration opportunities inΒ AustraliaΒ as set out below. The Company will continue to identify opportunities in the mineral and energy sectors in line with the revised investment strategy detailed in the circular to shareholders which was approved at the Extraordinary General Meeting on 30 June 2008.
In June 2008 the Company entered into a joint ventureΒ agreement with ASX listed company,Β Burey Gold LimitedΒ ('Burey Gold'),Β to invest inΒ threeΒ uraniumΒ tenements: Yankalilla Area,Β Taraleach-Loch Area andΒ Port Lincoln Area,Β all inΒ South Australia.
UnderΒ the terms of the joint venture agreement the CompanyΒ committed to acquire a 10% joint venture interest in each of the tenements by committing to incur minimum expenditure of A$130,000.Β Β
InitialΒ explorationΒ workΒ on the three tenementsΒ has indicatedΒ that they do not have theΒ prospectivityΒ to justify ongoing expenditureΒ andΒ theyΒ have been dropped fromΒ the Company's exploration portfolio. They have been replaced byΒ anotherΒ joint ventureΒ projectΒ with Burey Gold Limited.Β
The new property is theΒ exploration licenceΒ over the Kyber Pass Area,Β southeast of Marla inΒ Southern Australia. This covers an area of approximately 367kmΒ² andΒ againΒ theΒ exploration targetsΒ areΒ uranium, copper and gold. The Company has undertaken to fund the exploration costsΒ (estimated to be of the orderΒ of A$700,000) up to completion of a bankable feasibility studyΒ to earnΒ an 80 per cent.Β interest in theΒ joint ventureΒ property.Β
MinimumΒ firstΒ yearΒ expenditureΒ isΒ approximatelyΒ A$65,000.Β The Company must also pay theΒ A$3,300 application costsΒ and A$10,000 for BureyΒ GoldΒ to carry out a full geological assessment of the area to identify possible drilling targets.
Enquiries:Β
Bidtimes PlcΒ
Anthony Brennan, Executive Chairman
+61 8 9322Β 5944Β
W.H. Ireland LimitedΒ
Tim Cofman-NicorestiΒ
0121 265 6330Β
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