Leyshon Resources to spin out gas assets into new energy company
Leyshon Resources (LON:LRL) has lifted the veil on its corporate strategy, which will see the spinning out of a new listed company.
Subsequently there will be two entities: Leyshon Energy, which will own the Chinese gas interests and cash reserves of around US$35mln; and the Leyshon Resources business, which will hope to repeat the group’s past success in the mining sector.
Alongside Chinese investors the ‘resources’ company will acquire new mining projects in a bid to take advantage of depressed asset values in the sector.
According to Leyshon, the move will also allow it to focus on the million tonnes Leyshon gold project, while allowing investors to benefit from a more transparent market value for the Zijinshan gas project via the new energy firm.
“Both companies will be well funded, with strong management teams looking to create significant shareholder value,” said non-executive chairman John Fletcher.
“Our aim in these restructurings is to allow shareholders to own an interest in two listed companies, Leyshon Energy and Leyshon Resources, at no additional cost to their original investment.
“Leyshon Energy will be focused on the exploration and commercialisation of the Zijinshan project and has appointed a board of directors with an enviable track record in acquisition growth looking to exploit opportunities in the oil and gas sector.”
Paul Atherley, Leyshon Resources current managing director, will be the managing director of Leyshon Energy as well, and former BP and Talisman Energy executive John Manzoni will be non executive chairman of the new firm.
Leyshon said it also intends to hire an executive director with relevant skill and experience to the board of the energy company.
Story by ProactiveInvestors
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