Trading Update (5804V)
16 Enero 2012 - 1:00AM
UK Regulatory
TIDMVSA
RNS Number : 5804V
VSA Capital Group PLC
16 January 2012
VSA Capital Group plc
("VSA Capital Group" or "the Company")
16 January 2012
Trading Update
VSA Capital Group plc (AIM:VSA) , the AIM listed natural
resources focused specialist corporate finance advisory and broking
firm, is pleased to provide the following trading update.
In its interim results announced on 8 December 2011, the Company
noted that VSA Capital Limited ("VSA"), its principal operating
subsidiary, was engaged in a significant transaction which could
have a very material positive impact on the Company. This
transaction, a private placement of new equity for NewAge (African
Global Energy) Limited, a private independent Oil & Gas
exploration and development company with a regional focus on, and
operations in, Africa and the Middle East, has now been completed.
The private placement is being undertaken by a Hong Kong based
investment fund with strong Asian industry partners. It is a major
strategic transaction for the parties involved and VSA expects
further such co-investment in the future.
The Company announced a loss for the period ended 30 September
2011 totalling GBP598,812. However, as a consequence of the fees
earned from this transaction, the Board now expects that the
Company will make a profit in excess of GBP500,000 for the current
financial year. These fees are receivable over a 12 month period,
of which US$1.75m (c. GBP1.14m) is receivable prior to the end of
the current financial year.
This transaction will also significantly strengthen VSA's
balance sheet, which will enable it to pursue its strategy of
commencing secondary trading, applying for Nominated Adviser status
with the London Stock Exchange and continuing the recruitment of
additional quality staff to fulfil its aim of becoming a leading
institutional broking and investment banking firm in London focused
on natural resources. VSA's board believes that the resources
sector will continue to be active for many years to come,
especially as China shows no sign of slowing the rate at which it
acquires assets. VSA is aiming to change the broking model, to be
global in outlook and not dependent purely on UK equity funds, so
as to provide the appropriate service to meet the needs of its
corporate and institutional clients.
Andrew Monk, Chief Executive of VSA Capital Group,
commented:
"Completion of this transaction represents a significant
milestone in the development of VSA, in what is a difficult
economic environment. This demonstrates that our strategy of
changing the traditional business model is proving successful and I
expect further success as we continue to develop VSA and expand its
capabilities in international funding and M&A".
Lyndon Chapman, Non-Executive Chairman of VSA Capital Group,
commented:
"It is now a little over 16 months since our acquisition of VSA
and 10 months as a pure financial services business.
"The directors and staff have remained focused throughout in
dealing with an extremely challenging market environment and have
built a firm with a good client base that I would expect to
continue to grow and provide further significant transactions in
the future.
"I believe that shareholders can look forward to the start of a
new era for the business and I thank them for their support and the
VSA team for their vision".
For further information, please contact:
VSA Capital Group plc
Andrew Monk, CEO or Peter Joy, FD 020 3005 5000
Blythe Weigh Communications
Tim Blythe/Ana Ribeiro/Matthew Neal 020 7138 3204
Shore Capital and Corporate Limited
Bidhi Bhoma or Toby Gibbs 020 7408 4090
Rivington Street Corporate Finance
Jon Levinson 020 7562 3357
NOTES TO EDITORS
VSA Capital Group plc is an international investment banking and
institutional broking group headquartered in London. Via its
subsidiary, VSA Capital Limited, the group provides corporate
finance, broking, research, sales and capital raising capabilities
to companies in the natural resources sectors; Oil & Gas,
Mining, Agriculture and Timber. VSA Capital Limited is authorised
and regulated by the FSA and advises companies listed in London
(AIM and the Main Market), Canada (TSX) Australia (ASX) and the USA
(OTCBB) with assets on every continent. The firm currently has 19
retained corporate clients with an aggregate market value of over
$1bn.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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