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Armadale Capital PLC - London-based Africa-focused natural resource projects investor - Loss widens in 2021 as change in fair value of investments drops sharply. Pretax loss widens to £333,000 from £196,000 in 2020. Change in fair value of investments plummets to positive £8,000 from positive £176,000. Company reports no revenue, unchanged from a year ago. Cash grows to £886,000 from £252,000 after £1.3 million in funds raised during the year. Sees minimal impact from Covid-19 and no Brexit impact. Finds itself vulnerable to changing global energy policies through its Mahenge Liandu graphite project in Tanzania as it describes graphite as a ‘relatively new commodity whose market is being driven by demand in renewable energy’. Armadale bought the project in July 2016. It said Mahenge Liandu ‘continues to represent an exciting opportunity’ for Armadale Capital, but it depends on further fundraising.
Current stock price: 3.22 pence, down 12% on Monday
12-month change: down 28%
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