On 22 April 2014, the Company announced its intention to implement a new investment strategy, changes to the board composition and also a fundraising of US$1.74m from professional investors ahead of the implementation of the proposed investing strategy.
Some of the new capital that has been raised will ensure the settlement of historic liabilities connected with the Company's operations in Colombia. After meeting these liabilities, Touchstone will be left with a significant proportion of its balance sheet in cash and a minimal overhead base, and will be in a good position to implement the proposed investment policy. The Company's remit in this regard is broad and at this stage the Directors can report that they are reviewing a small number of companies outside the natural resources sector. The directors will provide timely updates to shareholders as matters develop.
Franz Forrester, Chief Operating Officer of the Company, commented: "Ensuring the survival of the company whilst dealing with a challenging set of circumstances since the middle of last year was not easy. The directors are however pleased that after a period of careful management the company can start to look forward with a degree of optimism. Touchstone will differ from other AIM listed investment companies once shareholders have approved the new investment policy, in possessing a relatively good cash position."
He added "In the short time since we announced our placement and intended investment policy, we have been approached by a number of companies in known high growth technology sectors that are ready for a public listing, and which might be suitable for an RTO once the Company has obtained its requisite approvals at the AGM. Shareholders will understand that the directors cannot guarantee that the investment policy, should it be accepted by shareholders, will be fulfilled by the acquisition of a technology company but that this is currently the area of particular review."
The Notice of General Meeting has today been sent to shareholders and a copy is available on the Company's website www.touchstonegold.com. The General Meeting of the Company will be held at 32 St. James's Street, 3rdFloor, London SW1A 1HD at 2 p.m. on 30 June 2014.
Trevor Wells / Waseem Shiraz
Tel: +44 203 301 9337 finnCap Ltd
Matthew Robinson / Simon Hicks
Lucy Williams
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