12th Oct 2026 13:28
(Alliance News) - Gunsynd PLC on Monday said it has published a circular proposing that it convert from an investment firm to an operating company, among other changes.
Shares in Gunsynd fell 22% to 0.090 pence on Monday in London.
The London-based investment company, which is focused on the natural resources sector, notes that its business now primarily consists of the Barb Gold Project in Manitoba, Canada, its 10% interest in the Eagle Lake Gold Project in Ontario, and a "small" stake in Aberdeen Nickel.
Gunsynd, which plans to sell the latter "as soon as reasonably practicable," said it intends for future activities to be focused on the exploration and development of primarily North American gold assets, with Barb as its flagship.
As a result, Gunsynd said it is no longer appropriate to continue as an AIM Rule 8 investing company, and it will seek shareholder approval to revoke its existing investing policy and transition to an operating company.
It also wishes to change its name to Bisgood PLC.
"The board strongly believes that the valuation accorded to the Barb Project in particular is significantly and negatively affected by the company's status as an investing company," Gunsynd said, "and that this largely explains the poor performance of the company's share price despite its recent announcement of rock chip sample assays of up to 489 g/t gold from the project.
"It is not uncommon for an investing company on AIM to see their shares traded at a significant discount to net asset value and the board believes that transitioning to an operating exploration company, with a wholly-owned flagship project, has the potential to materially reduce that discount."
If shareholders, at a general meeting scheduled for October 28, approve the cessation of Gunsynd's investment policy, Non-Executive Director Peter Ruse will step down with effect from the meeting's conclusion.
The firm also intends to appoint Sheldon Modeland as an independent non-executive director at the same time, and for Executive Director Don Strang to move to a non-executive director role.
Gunsynd is also proposing a capital reorganisation. If approved, it will consolidate every 12 existing ordinary shares into one, before subdividing each new share into one ordinary share and one deferred 'A share'.
The firm had 1.62 billion ordinary shares in issue as of Friday, and estimates that following the reorganisation its issued share capital will consist of around 134.6 million ordinary shares and 309.3 million deferred A shares.
It intends to apply for the new ordinary shares to start trading on AIM at the market open on or around October 29.
By Emma Curzon, Alliance News reporter
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