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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
C A Sperati (SPR) has announced it has entered into a conditional agreement for the sale of existing business and assets and a proposed investing policy, change of name (to Teathers Financial Plc) and grant of options to directors. A circular and notice of a 3rd December General Meeting to seek approval for the moves have been sent to shareholders.
Considering the prospects for the current buttons, buckles and trimmings business as “limited”, the company has agreed to sell this for £10k plus an additional sum based on stock sold by the purchaser until 30th November 2015 (though “it is estimated by the directors that due to the obsolete nature of the stock the additional sum receivable by the company is likely to be zero”).
Upon completion, remaining net assets of approximately £400,000 are estimated, with the company looking…
“To invest in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares in the market and unquoted companies, joint ventures or projects which the board believes will be seeking a quotation on AIM within 12 to 18 months of such investment… Although the board will consider investing in companies of all sectors they intend to focus on sectors which have market appeal from time to time. It is the board's opinion that currently such sectors include the technology sector and certain areas of natural resources with a specific emphasis on the oil and gas sector... Where appropriate, the board intends to add their expertise to the management of the business, and utilise their industry relationships and access to finance.”
We previously noted that things have taken somewhat longer than hoped here but that we back Executive Chairman Jason Drummond to invest smartly and spark investor interest again – and we expect action soon.
The shares have nudged ahead on the back of the announcement to a current 2.625p-3.125p, capitalising the company at circa £1 million and, with things now really looking underway, we continue to consider now not a time to be selling here. Average down & buy.
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