Vasile “Frank” Timiş, chairman of AIM-listed prospector African Minerals, has always been a busy bunny. But this week he really has excelled himself.
On Friday afternoon Frank revealed to our sister organisation Mergermarket that he was “a large shareholder” in another frothy resources play, Gulf Keystone Petroleum, adding that he would sell his stake for 150p — almost twice the current market price.
A source close to Gulf Keystone told FT Alphaville it was “very surprised” at news that Frank had become a shareholder, although the two companies are at least linked by the presence of former trade minister Lord Truscott on their boards.
We assume that by “large” Frank actually meant “less than three per cent,” otherwise the matter would have been formally disclosed. But why Frank has felt the need to talk his book here is not quite clear.
No matter. Gulf Keystone had its own troubles to deal with on Friday. Mergermarket also broke the news that despite seemingly striking oil in Iraq, Gulf Keystone has fallen out with its Nominated Adviser, RBC Capital Markets, who have resigned.
Meanwhile, on Thursday, Frank had been chatting to Mergermarket about a company he really knows about — Regal Petroleum, the oil prospector he used to chair and in which he continues to have a substantial stake.
As the news service reported:
Regal Petroleum could reach 300p per share by the end of this year, according to Frank Timis, one of the company’s largest shareholders and a former chairman of the group.
Regal, the UK-listed Ukraine focused oil and gas group, is currently trading at around 117p per share. The company completed a USD 100m placement in July and had traded as low as 40p per share earlier this year.
Timis was very bullish about two key Ukraine oil wells that the company will shortly be announcing drilling results from. It is understood that results from the first of these wells will be published within days, with the second to follow in October. The company has invited shareholders to visit the sites in early to mid October.
Now, move back another day, to Wednesday — and we had this from Mergermarket:
African Minerals chairman Frank Timis says the UK-listed miner is in advanced talks with five iron ore companies African Minerals’ chairman Frank Timis has told this news service the UK-listed company is in advanced talks with five major iron-ore miners that are looking to acquire it.
Timis would not identify which companies are looking at African Minerals but said of the five, two were based in the Far East. “We are in very advanced discussions with five parties,” he said.
With Frank being a substantial shareholder in African Minerals as well as chairman we can assume that report set off a small explosion round at London’s Takeover Panel, causing the company to release this regulatory statement:
[African Minerals] is in advanced discussions with Eurasian Natural Resources Corporation plc (LSE: ENRC) and several large industrial corporations in Asia, which could involve an offer for the Company or the funding of the development of its world-class iron ore asset at Tonkolili.
Sadly, ENRC responded to that statement with this:
Eurasian Natural Resources Corporation PLC
Statement Regarding Announcement by African Minerals LimiteLondon – Eurasian Natural Resources Corporation PLC (‘ENRC’ or ‘the Group’) notes the announcement earlier today by African Minerals Limited (AIM:AMI).
ENRC is considering a range of opportunities, including diversification into Africa, but at this time the focus of its consideration is the possible transaction with Central African Mining and Exploration Company PLC (‘CAMEC’).
Even for Frank Timis this has been a very strange week indeed.