Armadale Capital Plc Statement re Broker
March 02 2018 - 8:16AM
UK Regulatory
TIDMACP
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 +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
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/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 02, 2018 08:16 ET (13:16 GMT)
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