8 Apr 2016 09:46
Friday 8 April 2016
Starvest Plc ("Starvest" or "the Company")
The Company is pleased to announce that it has agreed to invest £50,000 to acquire 50 million ordinary shares in Greatland Gold plc (AIM: GGP) ("Greatland"), a company of which Starvest director Callum Baxter is a director and of which Starvest director John Watkins was a director until his resignation was announced on 6 April. The consideration will be satisfied out of the Company's cash reserves.
Following admission of the shares to trading, Starvest will hold 85,333,333 shares in Greatland representing 7.2% of Greatland's enlarged share capital. Greatland reported a loss of £218,846 for the six months ended 31 December 2015 and had net assets of £705,068 at that date. The Starvest directors believe that the investment represented an opportunity to increase its stake in Greatland at a particularly interesting stage of its development.
Callum N Baxter Chairman & Chief Executive 8 April 2016 |
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Enquiries to:
Callum Baxter, Chairman callum@starvest.co.uk or John Watkins, Finance Director 07768 512404; john@starvest.co.uk
Colin Aaronson or Harrison Clarke - Grant Thornton UK LLP 020 7383 5100
Nick Emerson or Andy Thacker - SI Capital Limited 01483 413500
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