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Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
6 September 2013
Armadale Capital Plc ('Armadale' or 'the Company')
Investment Update and Notice of General Meeting
Armadale, the AIM quoted investment company focused on natural
resources and infrastructure projects in Africa, announces it is
proposing to update its investing policy and has today convened a
general meeting of Shareholders ('the General Meeting') to approve
it.
Investing Policy
The Board previously undertook to review its current investing
policy and is proposing shareholders approve an updated policy that
the Board believe will enable it to continue to pursue investment
opportunities in support of Armadale's stated strategy of becoming
a diversified mining and resource-focused investment company.
A Notice of General Meeting has today been posted to
Shareholders to approve the new investing policy as well as to
renew the directors' authority to allot shares. A copy of the
Notice of General Meeting is available on the Company's
website.
The General Meeting will be held at 10.00 a.m. on 23 September
2013 at 42 Queen Anne's Gate, London SW1H 9AP.
Mine Restoration Investments Limited ("MRI")
The Company is also pleased to announce that Justin Lewis, a
director of the Company, has joined the board of MRI to oversee
Armadale's investment. Despite the strikes within the South African
coal industry, MRI continues to make good progress with the final
commissioning of its coal briquetting plant in South Africa. This
commissioning, which includes initial production should be
completed toward the end of this month pending full commercial
production in October.
Chairman of Armadale Capital, Peter Marks said:
"The adoption of the new investing policy will enable the board
to pursue attractive investment opportunities to support the
implementation of Armadale's stated strategy of becoming a
diversified mining and resource-focused investment company.
"In line with this new investing policy, the board would be in a
position to expand its current portfolio of interests; building on
its 40% interest in Mine Restoration Investments Ltd, in the final
commissioning stages of its coal briquetting plant in South Africa,
and the recently announced investment in the Mpokoto Gold Project
in the Katanga Province in the Democratic Republic of Congo.
"Collectively, the board has extensive experience in identifying
and executing potential resource opportunities, and has built a
strong track record in building value through acquisitions and
corporate transactions.I am confident that under the new proposed
investing policy, the Armadale team will be able to deliver further
compelling investment opportunities and generate significant value
for our shareholders."
To view a full description of the investing policy, visit the
Company's website at www.armadalecapitalplc.com.
**ENDS**
Enquiries:
Company
Peter Marks, Chairman +44 207 233 1462
Charles Zorab, Investor Relations
Nomad and broker: finnCap Limited
Stuart Andrews/Christopher Raggett +44 207 220 0500
Press relations: St Brides Media & Finance Ltd.
Susie Geliher/Charlotte Heap +44 207 236 1177
Notes
Armadale Capital Plc is focussed on investing in and developing
a portfolio of investments, targeting the natural resources and/or
infrastructure sectors. The Company, led by a team with operational
experience and a strong track record in Africa, has a strategy of
identifying high growth potential businesses where it can take an
active role in their advancement.
Armadale currently holds approximately a 40% interest in Mine
Restoration Investments Ltd, a South African listed company, which
aims to develop profitable operations within the South African
mining industry through its coal briquetting operation in KwaZulu
Natal and acid mine drainage project in the Witwatersrand
basins.
More information can be found on the website
www.armadalecapitalplc.com.
This information is provided by Business Wire
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