Investment Update & Appointment of Executive Dir.
AIM Investments plc ("the Company")
Investment Update
and
Appointment of Executive Director
The Company is pleased to provide an update on the status of its investments made to date and report on the pipeline of investments it is currently working on.
Investment Pipeline
The Company has entered into conditional engagements with (i) a Peruvian retailer and wholesaler of stationery and office supplies; and (ii) a Chinese pharmaceutical company.
In addition, it is investigating a further six potential investments across a range of sectors from a number of different frontier and emerging economies.
Update on Investments
Shenzen Cadro (Catic Group) Hydraulic Equipment Co. Limited ("Cadro")
Subsequent to the announcement made by the Company on 27 October 2010, Cadro has delayed the timing of its proposed IPO by means of a reverse merger with a company on the Over The Counter Bulletin Board ("Admission"). Over the last few years, many Chinese companies have raised funds on the OTCBB; in 2010 alone, 78 Chinese companies listed in the US by means of a reverse merger. However, following negative publicity early this year arising out of filing irregularities at several Chinese companies that listed in the US via reverse merger, Cadro has been advised that this route to market will not achieve the valuation that was originally expected. Cadro has therefore delayed Admission, originally anticipated for November 2010, until such time as a satisfactory valuation can be achieved for its shareholders. Cadro may undertake a further pre-IPO fundraising pending Admission. The Company has agreed to extend the Long Stop Date of its convertible loan agreement until 31 December 2011.
Planteman S.A.
Further to the announcement made by the Company on 2 November 2010, extensive discussions have taken place to identify the most suitable structure to achieve a stockmarket quotation for the assets of Planteman S.A. Toronto has been identified as the most suitable location for a public listing. Funds will be raised prior to or on admission to acquire additional agricultural and ranching assets within the Southern Cone of South America. The board of the Company is confident that the admission will still be completed later this year but it is now unlikely that the admission will take place in the first quarter of 2011 as previously announced.
Minera Mapsa SA
Further to the announcement made by the Company on 8 November 2010, Minera Mapsa SA is in negotiations with potential operating partners and its admission to an international exchange is still expected to take place in 2011.
Appointment of Executive Director
The Company is pleased to announce that Mark Pajak, whose appointment as Non-Executive Director of the Company was announced on 15 December 2010, will become an Executive Director with immediate effect.
The Board is in the process of identifying a suitable replacement as Non-Executive Director.
For further information please contact:
|
AIM Investments Plc |
Alexandra Eavis Mark Pajak |
08702 701 111 0203 259 4071 |
|
Northland Capital Partners Limited (Nominated Adviser and Broker) |
Gavin Burnell, Edward Hutton |
020 7492 4750 |
www.aiminvestmentsplc.com
This information is provided by RNS