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Epic LPH
Time: 08:45:36
Mid Price: 35.00
Change Today: -1.50 Descending
Change % Today: -4.11 Descending
Fifty Two Week High: 41.00
Fifty Two Week Low: 20.00
Market Capital: 9.80
Period & price data
Period Price
Now: 35.00
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: General Mining - Uranium & Lithium
Epic: LPH
News: Latest news
Web Site: LP Hill
Other Articles:

LP Hill

LP Hill is a uranium and thorium exploration company focused on the Marodambo project in Madagascar.
Wednesday, November 11, 2009

LP Hill acquires uranium project in Madagascar in £1.145m cash and share deal

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Small cap investment company LP Hill (AIM: LPH) is close to adding a new uranium and thorium asset to its portfolio, having agreed to acquire another UK investment holding company Tranomaro, which owns the Marodambo project in Madagascar.


The reverse takeover deal is worth a total £1.145 million, which will be satisfied by the issue of 3 million new shares and £200,000 in cash. The company’s 80% owned Madagascan subsidiary is the sole beneficial owner of certain exploration and commercial mining rights for uranium and thorium in an area known as the Marodambo project, which comprises a total of 38 blocks covering 14.84 sq km (square kilometres) in southern Madagascar.


The deal is now subject to approval by the shareholders. Shares in LP Hill have been suspended from trading on AIM until the transaction is completed.


"The group has now completed a significant period of restructuring and today's announcement of the proposed reverse acquisition of Tranomaro represents a significant step forward,” said Executive Chairman of LP Hill Gerard Nealon.


The group’s shareholder Hereford Group Limited agreed to subscribe £100,000 for convertible unsecured loan notes 2012 to provide the enlarged business with more working capital.


LP Hill simultaneously announced its full year results, reporting profits of £247,860 after making a loss of £1.8 million last year. Profit per share attributable to shareholders was at 35.55 pence compared to a loss of 1,056 pence in 2008. The profit was due to exceptional income of £292,544 relating to the reduction in creditors under the CVA (credit valuation adjustment) charges.

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