Saturday, January 06, 2007
Condor Resources seeks financial advisor, selection likely in January
Condor Resources, a UK listed mining company with assets in Latin America, is seeking a second financial advisor, the company’s CEO said.
Nigel Ferguson, the Condor CEO, said that the company was seeking an additional financial advisor and broker to complement the work done by Nabarro Wells, who are currently both the company’s Nominated Advisor (Nomad) for the company’s AIM listing, as well as its financial advisor for corporate matters such as M&A activity. The CEO said that the company had its short-list down to two advisors for the new appointment, and that the company hoped to make a final decision by the end of January 2007.
He said that either of the short-listed companies would have no difficulties helping Condor raise up to GBP 30m for acquisitions, although Ferguson underlined that Condor had no need to go to the market for new funds prior to 2008. The company currently has a market cap of round GBP 10m.
Ferguson said that Condor would be looking for acquisitions within Latin America, possibly including Mexico, although the group currently operates in Nicaragua and El Salvador. He said that production from the group’s El Salvador assets was likely between 18 and 36 months away, depending if it chose a joint venture option or to put its holdings into production itself.
The Condor CEO said that the group had in the past been approached about the purchase of some assets in Southeast Asia, and refused to rule out any global location for potential purchases.
Ferguson also said that the company would eventually consider listing on other stock exchanges, noting that the group had had a listing on the Australian Stock Exchange (ASX) pulled at the last minute due to market conditions. However, the Condor CEO questioned whether an Australian listing would be good value for the company, despite the group having a significant office and shareholder base in that country.
Source mergermarket
Nigel Ferguson, the Condor CEO, said that the company was seeking an additional financial advisor and broker to complement the work done by Nabarro Wells, who are currently both the company’s Nominated Advisor (Nomad) for the company’s AIM listing, as well as its financial advisor for corporate matters such as M&A activity. The CEO said that the company had its short-list down to two advisors for the new appointment, and that the company hoped to make a final decision by the end of January 2007.
He said that either of the short-listed companies would have no difficulties helping Condor raise up to GBP 30m for acquisitions, although Ferguson underlined that Condor had no need to go to the market for new funds prior to 2008. The company currently has a market cap of round GBP 10m.
Ferguson said that Condor would be looking for acquisitions within Latin America, possibly including Mexico, although the group currently operates in Nicaragua and El Salvador. He said that production from the group’s El Salvador assets was likely between 18 and 36 months away, depending if it chose a joint venture option or to put its holdings into production itself.
The Condor CEO said that the group had in the past been approached about the purchase of some assets in Southeast Asia, and refused to rule out any global location for potential purchases.
Ferguson also said that the company would eventually consider listing on other stock exchanges, noting that the group had had a listing on the Australian Stock Exchange (ASX) pulled at the last minute due to market conditions. However, the Condor CEO questioned whether an Australian listing would be good value for the company, despite the group having a significant office and shareholder base in that country.
Source mergermarket
