GreenBank Capital Inc (CSE:GBC) said Beelivery, a UK-based rapid grocery delivery company in which GreenBank owned a 5.62% stake, is operating profitability after undergoing a significant reduction in overheads.
In an update on its investment portfolio, GreenBank said Beelivery’s gross margins have almost doubled to 17%, positioning the business favorably to seek funding to deliver further organic expansion.
Regarding TRU-Precious Metals, in which GreenBank holds 681,166 shares, the company noted that the miner has concurrently exercised three option agreements to acquire 100% ownership of their flagship Golden Rose project.
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This comes ahead of an ambitious 2023 drill program, GreenBank said.
Further, GreenBank said it has decided to fully exit its investment in Queensland Gold Hill Corp by disposing of its stock in the market.
The company said it sold all its 408,889 shares for a total of C$166,537 delivering cash for working capital.
GreenBank CEO Terry Pullen commented that 2022 had been a very difficult year on all economic fronts, negatively affecting stock markets globally, without necessarily any correlation to underlying company values.
“The GreenBank portfolio investments range across multiple sectors, are operated by talented and nimble owners, and provide exciting prospects to deliver at least some of their full potential in 2023 and beyond,” Pullen said.
The full investment portfolio update can be found here.
GreenBank Capital has a flexible low-cost overhead structure design to maximize profitability. It invests in multi-sector undervalued public and private growth companies focused on building consistent capital appreciation for its shareholders.
Contact the author at emily.jarvie@proactiveinvestors.com
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