DJ Stellar Resources PLC Change of Name
RNS Number : 5774Q
Stellar Resources PLC
30 November 2016
Stellar Resources plc
("Stellar Resources" or the "Company")
Change of Name to Primorus Investments plc
Change of Name
Stellar Resources (AIM: STG, ISDX: STG) is pleased to announce that it intends to change its name to Primorus Investments plc. The Company is an AIM and ISDX quoted investing company. The Board felt that the current name presented a natural resources bias that does not reflect the direction of travel in terms of the Company's current and potential investment portfolio. The Company investing policy is that of an active or passive investor in natural resources, corporate services, leisure, consultancy and brand licencing sectors. The change of name is intended to reflect that. Furthermore Primorus is Latin for 'early" or "leading" and reflects the Board's intention to invest in early-stage equity and debt issuances, companies and projects that a have a clear path to generating real returns to our shareholders.
As a result of this change the Company will be applying to both AIM and ISDX for new ticker symbols to reflect this name change and a further announcement will be made shortly.
There are no changes to the issued capital of the Company as a result of this name change. Furthermore there will be no change to the current investment portfolio as a result of the change.
The Company's investing policy, as approved by shareholders on 23 November 2011, is set out below in full:
"The Company's investing policy is to acquire a diverse portfolio of direct and indirect interests in exploration and producing projects and assets in the natural resources sector in addition to acquisition(s) in the leisure, corporate services, consultancy and brand licensing sectors. The Company will consider possible opportunities anywhere in the world.
With the recent additions to the Board, the Directors have considerable experience in investing, both in structuring and executing deals and in raising funds. The Directors will use this experience to identify and investigate investment opportunities, and to negotiate acquisitions. Wherever necessary the Company will engage suitably qualified technical personnel to carry out specialist due diligence prior to making an acquisition or an investment.
The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, or by entering into partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question.
The Company may be both an active and a passive investor depending on the nature of the individual investments in its portfolio. Although the Company intends to be a long-term investor, the Directors will place no minimum or maximum limit on the length of time that any investment may be held.
The Directors may offer new Ordinary Shares by way of consideration as well as cash, thereby helping to preserve the Company's cash for working capital and as a reserve against unforeseen contingencies including by way of example, and without limitation, delays in collecting accounts receivable, unexpected changes in the economic environment and unforeseen operational problems. The Company may in appropriate circumstances issue debt securities or otherwise borrow money to complete an investment. The Directors do not intend to acquire any cross-holdings in other corporate entities that have an interest in the Ordinary Shares.
There are no restrictions in the type of investment that the Company might make nor on the type of opportunity that may be considered other than set out in this Investing policy.
In addition, the Directors may consider from time to time other means of facilitating returns to Shareholders including dividends, share repurchases, demergers, and schemes of arrangements or liquidation."
Alastair Clayton, Executive Director, said; "with this name change the Board wishes to signal clearly its intentions to make Primorus a leading investor in a range of early-stage, listed, unlisted and pre-IPO opportunities. There is often difficulty for companies securing early stage or pre-IPO funding and it is the Board's belief that with traditional equity funds tightly constrained in terms of investment mandate, fewer participants can mean risk-weighted returns can be attractive in this space.
"These types of investments have often been the preserves of high-net-worth individuals, Venture Capital Funds and Private Equity. Through Primorus, we think we can offer exposure to such deals, via an AIM and ISDX quoted entity that is available to a broad range of investors with no fees, lock-ins and minimum investment hurdles traditionally associated with VC, VCT and PE investment products.
"Importantly by returning a significant portion of any future distributable reserves on a regular basis, the Board believes it can ensure the Company's shares trade at an optimal level."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Stellar Resources plc: +44 (0) 20 7440 0640 Alastair Clayton Nominated Adviser: +44 (0) 20 7213 0880 Cairn Financial Advisers LLP James Caithie / Sandy Jamieson Broker: +44 (0) 20 3137 1902 Optiva Securities Limited Christian Dennis / Jeremy King
This information is provided by RNS
The company news service from the London Stock Exchange
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November 30, 2016 08:46 ET (13:46 GMT)