15th May 2015 10:53
LONDON (Alliance News) - Praetorian Resources Ltd Friday said it has sold its entire investment in fellow AIM-listed Equatorial Palm Oil PLC.
Praetorian Resources, a natural resource investment company, said the stake it held in Equatorial Palm Oil was valued at GBP552,000 at the end of March based on the company's net asset value at the time, and said it sold the stake for a total of GBP637,500.
The stake held in Equatorial Palm Oil was not revealed by Praetorian, though Equatorial Palm Oil has a market capitalisation of GBP13.1 million, meaning the stake was just under 5%.
Equatorial Palm Oil was part of Praetorian's initial portfolio when it listed on AIM in July 2012. The funds will be used as additional working capital, it said.
Praetorian shares were untraded on Friday, last trading at 2.01 pence per share whilst Equatorial Palm Oil shares were down 2.1% to 3.55 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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