Ann Gloag, co-founder of Stagecoach Group and the richest woman in Scotland has bought a 3% stake in Arc Minerals Ltd (LON:ARCM).
Gloag bought the shares in the recent placing, which allowed Arc to boost its stake in the Zamsort copper-cobalt asset in Zambia to 49%.
Read: Arc Minerals moves to within six months of copper-cobalt production as it takes control of Zamsort
“I was happy to participate in Arc Minerals’ recent share placing in support of the board’s growth plans including the development of the Zamsort Copper Cobalt project in Zambia,” she said.
“I have long believed in the regeneration of Africa through investment and commercial development and have supported this through both my charitable and commercial activities. My investment in Arc Minerals is fully aligned with this philosophy.”
Nick von Schirnding, Arc's executive chairman commented: “I welcome Ann Gloag as a major shareholder in Arc. We are at a very exciting juncture and am confident that as we deliver on our strategy we will generate significant value for all our stakeholders.”
By mid-morning trading, Arc Minerals' shares had jumped 12.7% higher to 3.1p.
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