Information  X 
Enter a valid email address

Enola Resources plc (ENR)

  Print      Mail a friend

Monday 21 March, 2005

Enola Resources plc

First Day of Dealings

Enola Resources plc
21 March 2005


ENOLA RESOURCES PLC
('Enola' or 'the company')

First Day of Dealings on AIM


Enola Resources plc today announces its Admission to AIM. The company was
incorporated on 17 February 2005 for the purpose of evaluating and making
investments in projects that are likely to include natural resources and other
similar projects in Africa and elsewhere.

Placing Statistics

Placing Price per Ordinary Share                                             10p
Number of Ordinary Shares placed                                       8,000,000
Total proceeds from the Placing (before expenses)                       £800,000
Number of Ordinary Shares in issue immediately following Admission    15,500,000
Market capitalisation following the Placing at the Placing Price      £1,550,000


Background and strategy

The Directors believe that a substantial number of opportunities exist to invest
in commercial projects at an early stage of their development. The Directors
propose to implement a strategy of identifying, analysing and assessing
potentially profitable projects using the extensive pool of experience available
to it through, in particular, its relationship with investment banking group
City Capital Corporation Limited ('3C').

Funds raised by the Placing are intended to be applied in carrying out due
diligence on target businesses and to cover the Company's initial working
capital requirements. Subject to the availability of suitable opportunities, the
Board intends to establish and develop a portfolio of such projects which the
Company will take forward in conjunction with, in general, the projects'
existing executive management teams, some members of which may, subject to
suitability, be invited to become executive directors of the Company.

Whilst minority interests might be taken in projects where the Board deems this
to be appropriate, in general the Company will seek to take controlling
interests in projects, in which it invests or to acquire projects in their
entirety.

The Board anticipates financing any investments which the Company might make
through an appropriate combination of the issuing of further Ordinary Shares and
cash as consideration.

Although the Board intends initially to focus on projects in the natural
resources sector in Africa, it will also remain alert to all investment
opportunities that may enhance shareholder value.


Board of Directors

The Board comprises two non-executive Directors, namely Michael Edmund Hammond
and Thomas Scott Beattie.

Michael Edmund Hammond, Non-Executive Chairman, age 45

Michael has extensive experience in the financial markets arena. Prior to
founding 3C in 2002, Michael held senior positions at a number of the larger
investment banks, including ABN AMRO Rothschild, Robert Fleming & Co., SBC
Warburg and CSFB, primarily in equity capital markets roles where he was
instrumental in a number of key capital raisings in Europe and in emerging
markets. Michael has a BA in Economics and an MBA in Finance & Accountancy from
the University of Rochester.


Thomas Scott Beattie, Non-Executive Director, age 36

After graduating with an engineering degree from the University of Glasgow,
Scott's early career was with Halliburton & Co., based in the Far East where he
was a wireline logging engineer. On returning to the UK he completed an MBA at
London Business School before commencing an investment banking career with
Robert Fleming & Co. in 1996. At Robert Fleming & Co. he worked on the Equity
Capital Markets syndicate desk where he was involved with numerous offerings  -
primarily from emerging markets issuers. Since 2002 he has been a director and
latterly a partner at 3C.

                                                                   21 March 2005

Enquiries:

Enola Resources plc                                   Telephone: 020 7583 5800
Scott Beattie, Non-executive director

College Hill                                          Telephone: 020 7457 2020
Jim Joseph



                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                     

a d v e r t i s e m e n t