Investment in Polemos plc ("Polemos")
Paternoster is pleased to announce that it has acquired 375,000,000 shares in Polemos at a price of 0.04 pence per share from existing shareholders, for an aggregate consideration of £150,000. This represents a shareholding in the company of 24.6%. The consideration of £150,000 will be satisfied by the issue of 93,750,000 new ordinary shares in Paternoster (the "Investment Shares").
Based on the balance sheet as at 31 December 2015 and the proceeds from two placings that took place during 2016, Polemos is estimated to have cash or cash equivalents of around £400,000. The current market capitalisation of the company is £610,000.
Polemos is an investment company with an investment strategy which, in particular, includes a focus on the natural resources sector. For the year ended 31 December 2015, the company reported a loss before taxation from continuing operations of £149,000.
Nicholas Lee, Chairman said
"This investment provides Paternoster with a significant interest in an AIM listed company with a cash balance at an attractive valuation."