Investment in Leed Petroleum plc (0452W)
January 24 2012 - 2:00AM
UK Regulatory
TIDMVIR TIDMLDP
RNS Number : 0452W
Viridas PLC
24 January 2012
Viridas plc
("Viridas" or the "Company")
Investment in Leed Petroleum plc
Viridas announces that it has sold 592,666,667 ordinary shares
in Leed Petroleum plc ("Leed") at an average price per share of
0.48 pence or for an aggregate consideration of GBP2,869,200.
Leed is a natural resources company listed on AIM which has an
investment in Manas Coal Limited Liability Company, the main
activity of which is the exploration and development of coking coal
resources and deposits within the Kyrgyz Republic.
Following this sale, Viridas will continue to hold 166,666,667
warrants to subscribe for new ordinary shares at a subscription
price of 0.15 pence per share.
Nicholas Lee, Chairman said:
"Given the increase in the valuation of Leed, and the strong
interest in the company being shown by a range of investors,
Viridas has decided to sell the majority of its holding in order to
make funds available for other investment opportunities. I continue
to believe that Leed represents an exciting investment opportunity
and so Viridas has decided to retain both a financial interest in
Leed and I will also continue as a director of the company.
I firmly believe that Viridas' strategy is capable of creating
significant value for shareholders as demonstrated by the
substantial return made from its investment in Leed. In addition, I
see the current interest in Leed as being an endorsement of our
initial investment decision and a strong indication that Leed is
set for an exciting future."
For more information please contact:
Viridas plc
Nicholas Lee, Chairman +44(0) 20 7580 7576
Nominated Advisor and Joint Broker
Arbuthnot Securities
Antonio Bossi/Paul Gillam +44(0) 20 7012 2000
Joint Broker
Rivington Street Corporate Finance
Jon Levinson +44(0) 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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