Viridas flogs Leed Petroleum stake

Viridas, the natural resource investment firm, has decided the time is right to cash in on its investment in fellow investor in natural resources, Leed Petroleum.

The company made just short of £2.9m after selling 592.7m Leed shares at 0.48p per share. Following this sale, Viridas will continue to hold 166.7m warrants to subscribe for new ordinary shares at a subscription price of 0.15p per share.

Crucially, Leed has an investment in Manas Coal which is trying to find coking coal deposits in the Kyrgyz Republic and , according to Viridas, has attracted considerable attention from suitors.

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Viridas Chairman Nicholas Lee will remain as a director of Leed. He commented on the disposal: "I see the current interest in Leed as being an endorsement of our initial investment decision and a strong indication that Leed is set for an exciting future."

Viridas shares were up 1.67% by 11am. Over the last year the stock has dropped 85%.

Leed Petroleum had dropped nearly 10% by 11:37am. Its value has declined 98% since January last year.