Associated British Engineering unit acquires stake in Akoris Trading

Associated British Engineering's wholly-owned subsidiary British Polar Engines (BPE) has purchased a stake in Akoris Trading, the company announced Wednesday.

Associated British Engineering's wholly-owned subsidiary British Polar Engines (BPE) has purchased a stake in Akoris Trading, the company announced Wednesday.

BPE has invested $500,000 by a subscription of shares which represent a 50% interest in the newly-formed natural resources investment business.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

A commercial loan facility of £200,000, secured by way of a fixed and floating charge on the assets of Akoris for working capital purposes, has also been made by BPE.

Advertisement
Advertisement - Article continues below

Three directors will be appointed by shareholders. In the meantime BPE directors Colin Weinberg, David Brown and Rupert Pearce-Gould will head the board along with Akoris Chief Executive Marc Weisberger.

Weisberger previously worked at Clyde & Co LLP, Glencore International and Alaska Metals. He has also provided commodity advisory services to banks, traders and producers.

"We are delighted to be involved in this new venture, and have every confidence in the abilities of the management," Director Weinberg said.

"The venture will be reviewed at the end of nine months to ensure prospects of success remain present."

RD

Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601081/three-things-matter-for-the-uk-housing-market-now-and
Property

Three things matter for the UK housing market now – and “location” isn’t one of them

The UK housing market is frozen. And when it does eventually thaw out, the traditional factors that drive prices will no longer apply. The day of reck…
1 Apr 2020
Visit/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices
Property

What does the coronavirus crisis mean for UK house prices?

With the whole country in lockdown, the UK property market is closed for business. John Stepek looks at what that means for UK house prices, housebuil…
27 Mar 2020
Visit/economy/small-business/601073/furlough-what-does-it-mean-and-how-does-it-affect-me
Small business

Furlough: what does it mean and how does it affect me?

Many companies have “furloughed” employees after they have shut down because of the coronavirus. But what does furlough mean and how does the scheme w…
30 Mar 2020
Visit/investments/stockmarkets/601068/buy-stocks-for-the-long-term-but-buy-very-carefully
Stockmarkets

Buy stocks for the long term, but buy very carefully

After the wild ride of the last couple of weeks, equities are no longer expensive. But if you do decide to buy, be very, very careful indeed, says Mer…
30 Mar 2020