Last checked at 7 Nov 2012 07:00
7 November 2012
Paternoster Resources plc
("Paternoster" or the "Company")
Trading Update
Paternoster is pleased to announce that, as at 30 September 2012, it had unaudited net assets of £3.0 million.
Since 30 September 2012, the Company has made an additional investment in Bison Energy Services Limited ("Bison"), a company focused on the supply of frac sand to the rapidly growing fracking industry in the US.
The Company has also invested in the recent placing of shares in Quadrise Fuels International plc ("Quadrise"). Quadrise has developed technology that lowers the cost of processing the heavy hydrocarbons within a barrel of crude oil thereby increasing the profitability of the oil refining process. As at close of trading on 6 November 2012, Quadrise shares were trading at a 62.5% premium to the placing price.
As at 30 September 2012, the Company's net asset value per share was 0.52 pence which, when compared to its current share price of 0.275 pence per share, means that the Company's shares are currently trading at a 47.1% discount to their underlying net asset value before taking into account the impact of the two recent investments made.
Nicholas Lee, Chairman said:
"I am very pleased that Paternoster has been able to invest further in Bison which represents a very exciting opportunity. I hope to be able to provide shareholders with more information on this company shortly.
Quadrise is a high quality company with an excellent management team and significant scope for growth.
Paternoster continues to review a number of investment opportunities and is very focused on creating value within its underlying investments for the benefit of Paternoster shareholders."
For more information please contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 20 7580 7576
Nominated Advisor and Joint Broker:
Westhouse Securities
Antonio Bossi / Paul Gillam +44 20 7601 6100
Joint Broker:
Peterhouse Capital Corporate Finance
Jon Levinson +44 20 7562 3351