Blencowe Resources (LON: BRES) is the latest standard list shell to float, following soon after MENA-Land. Blencowe is focused on the resources sector and raised £340,000 gross.
It is important to stress that Blencowe could not have joined AIM by raising such a small amount of money. A minimum of £6m is required to be raised for a new AIM investment company quotation.
There have been previous share issues prior to the flotation at lower share prices than the 4p placing price. That is why there is pro-forma cash of £538,000, and slightly lower NAV, which is well below the flotation market...
