Investment company Armadale Capital (LSE:ACP) was up 36.5% this morning, after news of a proposed acquisition by investee company, Mine Restoration Investment.

MRI announced that it has entered into a cooperative agreement with Armadale to acquire up to 39.2% interest in Iron Mineral Beneficiation Services Proprietary Limited. Armadale’c current investment in MRI is £0.91 million. In a statement on their website, the directors said that “the Company has been actively looking to realise its investment in MRI and the Directors believe this proposed acquisition will facilitate this process, as well as underpinning the value of its shareholding.”

Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources sector in Africa.