16th Oct 2015 07:13
LONDON (Alliance News) - Teathers Financial PLC on Friday said it has invested GBP100,000 in Leni Gas Cuba Ltd, a company chaired by well-known AIM executive David Lenigas.
Leni Gas Cuba was formed with a particular focus on the oil and gas industry in Cuba, and one of the companies looking to take advantage as relations between Washington and Havana thaw following years of fractured ties amid the Cold War.
It is open to developing projects or businesses with connections to, or relationships in Cuba. It owns 15% of Petro Australis Ltd, which is focused on sourcing oil and gas opportunities in Cuba, as well as a "strategic stake" in Travelwelcome Ltd, which through its representative office in Havana, provides the services of a specialist Cuban ground handler.
"We continue to grow our portfolio of investments and we are delighted to have taken a strategic position in LGC which provides us with exposure to a high growth jurisdiction. We look for exciting and interesting opportunities that we believe have the ability to create significant shareholder value," Teathers Executive Chairman Jason Drummond said in a statement.
Teathers is taking 5.0 million shares at 2 pence each to make the investment in Leni Gas Cuba, equivalent to a 1.02% stake in the company, valuing Leni Gas Cuba at about GBP9.8 million.
"As an early-stage company, Lenis Gas Cuba Limited is not presently profitable. Leni Gas Cuba Ltd is a company incorporated in the British Virgin Islands and intends to seek a stock exchange listing in the near future," Teathers said.
Shares in Teathers were up 7.9% at 4.72 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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