I tipped Pan Pacific Aggregates once. It was a rotten tip. I thought the company had gone bust but like a vampire in a horror flick this corpse keeps coming back, sucking the life out of investor’s wallets. Its latest incarnation is exactly the sort of shocker one associates with the cesspit at the bottom of AIM.
Pan’s quarrying operations have proved worthless and are to be sold for a nominal sum (my guess $1). And the company, now called Astar Minerals (ASTA) has raised £336,000 at 0.15p. Of that money £20,000 goes to the broker (Peterhouse, a company I know well as it is 49% owned by my former employer), £75,000 goes to pay off defined liabilities associated with those duff quarrying operation and another £45,000 goes to settle other liabilities. What other liabilities? How much of that £45,000 is going on fees to City advisors? Please do tell.
That leaves £200,000 in the kitty.
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