CLNR Cluff Natuarl resources - ALGY CLUFF
Posted: Mon May 28, 2012 9:28 pm
I'm guessing some will have read about the recent admission to AIM on 22nd May of "Cluff Natural Resources" (CLNR). For me this looks a very good long term play of 3 to 4 years.
Fot those who do not know, CLNR are headed by none other than Algy Cluff, a man with a fantastic pedigree, a true entrepeneur and someone that seems to always have that midas touch. This is the reason I took my initial position today.
The man is still hungry and comes with a number of successful start ups to his name, and is responsible for a number of major discoveries, including the Buchan oil field, in the North Sea (still producing today); the Freda Rebecca Mine in Zimbabwe; the Ayanfuri Mine in Ghana; the Geita mine in Tanzania; the Kalsaka Mine in Burkina Faso; the Baomahun discovery (two million ounces) in Sierra Leone; and the Yaoure discovery in Côte d'Ivoire.
His previous start ups include
Cluff Oil Sold in the 1970's for £14m
Cluff Resources Sold to Ashanti Gold for £100m in 1996
Cluff Mining (later Ridge Mining) Sold to Aquarius Platinum for £150m in 2009
Cluff Gold Currently worth £106m and touted as a takeover target.
There webpage is http://www.cluffnaturalresources.com/index.aspx
The company is currently a cash shell. They are looking to implement their plan within 18 months according to the admission doc. However Algy Cluff has said he is hoping to make their 1st acquisition in July, where they intend to use shares to pay for the acquisition in search of some near term income stream to kick start them off. He has his sights set on two companies, one in Europe (North sea for oil at a guess), one in Africa (most likely mining due to his contacts).
They only placed 75m shares at 5p as they did now want to dilue the company more than was necessary (Did you hear that Landau??). The placement was oversubscribed.
Performance conditions:
Except as set out in paragraphs 9.5 to 9.7 below, the LTI Rights vest and become exercisable as
follows:
(a) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2012 will vest
and become exercisable on 31 December 2012 if the share price has been equal to or greater
than £0.10 at any time during the financial year 2012;
(b) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2013 will vest
and become exercisable on 31 December 2013 if the share price has been equal to or greater
than £0.15 at any time during the financial year 2013;
(c) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2014 will vest
and become exercisable on 31 December 2014 if the share price has been equal to or greater
than £0.225 at any time during the financial year 2014;
57
(d) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2015 will vest
and become exercisable on 31 December 2015 if the share price has been equal to or greater
than £0.3375 at any time during the financial year 2015; and
(e) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2016 will vest
and become exercisable on 31 December 2016 if the share price has been equal to or greater
than £0.50625 at any time during the financial year 2016.
And lastly here is the man himself in a recent interview.
http://www.proactiveinvestors.co.uk/com ... -1172.html
Anyone else looking at them?
Fot those who do not know, CLNR are headed by none other than Algy Cluff, a man with a fantastic pedigree, a true entrepeneur and someone that seems to always have that midas touch. This is the reason I took my initial position today.
The man is still hungry and comes with a number of successful start ups to his name, and is responsible for a number of major discoveries, including the Buchan oil field, in the North Sea (still producing today); the Freda Rebecca Mine in Zimbabwe; the Ayanfuri Mine in Ghana; the Geita mine in Tanzania; the Kalsaka Mine in Burkina Faso; the Baomahun discovery (two million ounces) in Sierra Leone; and the Yaoure discovery in Côte d'Ivoire.
His previous start ups include
Cluff Oil Sold in the 1970's for £14m
Cluff Resources Sold to Ashanti Gold for £100m in 1996
Cluff Mining (later Ridge Mining) Sold to Aquarius Platinum for £150m in 2009
Cluff Gold Currently worth £106m and touted as a takeover target.
There webpage is http://www.cluffnaturalresources.com/index.aspx
The company is currently a cash shell. They are looking to implement their plan within 18 months according to the admission doc. However Algy Cluff has said he is hoping to make their 1st acquisition in July, where they intend to use shares to pay for the acquisition in search of some near term income stream to kick start them off. He has his sights set on two companies, one in Europe (North sea for oil at a guess), one in Africa (most likely mining due to his contacts).
They only placed 75m shares at 5p as they did now want to dilue the company more than was necessary (Did you hear that Landau??). The placement was oversubscribed.
Performance conditions:
Except as set out in paragraphs 9.5 to 9.7 below, the LTI Rights vest and become exercisable as
follows:
(a) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2012 will vest
and become exercisable on 31 December 2012 if the share price has been equal to or greater
than £0.10 at any time during the financial year 2012;
(b) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2013 will vest
and become exercisable on 31 December 2013 if the share price has been equal to or greater
than £0.15 at any time during the financial year 2013;
(c) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2014 will vest
and become exercisable on 31 December 2014 if the share price has been equal to or greater
than £0.225 at any time during the financial year 2014;
57
(d) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2015 will vest
and become exercisable on 31 December 2015 if the share price has been equal to or greater
than £0.3375 at any time during the financial year 2015; and
(e) LTI Rights in respect of 3 per cent. of the issued share capital as at 31 December 2016 will vest
and become exercisable on 31 December 2016 if the share price has been equal to or greater
than £0.50625 at any time during the financial year 2016.
And lastly here is the man himself in a recent interview.
http://www.proactiveinvestors.co.uk/com ... -1172.html
Anyone else looking at them?