BDT Bidtimes

 

TIDMBDT 
 
RNS Number : 2471E 
Bidtimes PLC 
16 December 2009 
 

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 investment policy is that of identifying and pursuing 
investments in mineral and energy resources, including renewable energy 
resources. 
The investment policy 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 recently in the renewable energy sector. The other 
Directors all have experience in the natural resources sector and will be 
actively involved in identifying and assessing suitable investment 
opportunities. 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 take an active role in the investments it makes, and in 
the majority of cases will ultimately seek to take a controlling stake in 
investee companies and appoint directors to 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. 
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. 
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 in Australia 
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 venture agreement with ASX listed 
company, Burey Gold Limited ('Burey Gold'), to invest in three uranium 
tenements: Yankalilla Area, Taraleach-Loch Area and Port Lincoln Area, all in 
South Australia. 
Under the terms of the joint venture agreement the Company committed to acquire 
a 10% joint venture interest in each of the tenements by committing to incur 
minimum expenditure of A$130,000. 
Initial exploration work on the three tenements has indicated that they do not 
have the prospectivity to justify ongoing expenditure and they have been dropped 
from the Company's exploration portfolio.  They have been replaced by another 
joint venture project with Burey Gold Limited. 
The new property is the exploration licence over the Kyber Pass Area, southeast 
of Marla in Southern Australia. This covers an area of approximately 367km² and 
again the exploration targets are uranium,  copper and gold. The Company has 
undertaken to fund the exploration costs (estimated to be of the order of 
A$700,000) up to completion of a bankable feasibility study to earn an 80 per 
cent. interest in the joint venture property. 
Minimum first year expenditure is approximately A$65,000. The Company must also 
pay the A$3,300 application costs and A$10,000 for Burey Gold to carry out a 
full geological assessment of the area to identify possible drilling targets. 
Enquiries: 
Bidtimes Plc 
Anthony Brennan, Executive Chairman 
+61 8 9322 5944 
W.H. Ireland Limited 
Tim Cofman-Nicoresti 
0121 265 6330 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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