Market report: Gold investor Primorus under attack from investors

A SHAKE-UP is surely coming at gold investor Primorus Investments, where lately things have been anything but glittering.

The AIM listed stock did make a profit for the half-year while admitting life has been “challenging”.

Today it emerged that one shareholder with 5% of the stock has sent a letter demanding a general meeting at which they intend to seek the removal of the board, appointing Rupert Labrum, Hedley Clark and Matthew Beardmore in their place.

The shares jumped 5% top 4.2p, which values the company at £6 million

Equally intriguingly, and so far unnoticed, former Infrastrata CEO Adrian Pocock just took his own stake in Primorus past 3%. His motives are unclear, but it is unlikely he plans to back present management.

At Infrastrata, he bought in at 0.46p back in April 2017 and rallied shareholders to oust the entire board – some say that makes him the only person to fire an entire stock exchange listed board this century.

Infrastrata is now a fairly decent business which owns Harland & Wolff, the shipyard which built the Titanic. Infrastrata shares today edged up slightly to 40p.

Pocock has a certain following in the City, with fans keen to know what he plans next for Primorus.

Elsewhere, logistics firm Wincanton said its profits would be well ahead of the market’s forecasts as booming demand for home shopping boosted its delivery vans arm and a cost savings plan bore fruit.

The shares jumped 19p to 199p.

Oil and gas producer Kosmos Energy has agreed to sell certain exploration assets in Africa and South America to a unit of Royal Dutch Shell for up to $200 million.

Shell will acquire the company’s participating interest in blocks offshore São Tomé and Príncipe, Suriname, Namibia and South Africa. Kosmos shares rose 4.5p to 93.7p.

Unilever shares rose 92p to 4660p, one day after the CEO Alan Jope said he expects shareholders to support the company plan to unify its headquarters in London and scrap its Dutch base.

The wider stock market remains sluggish, with worries about where tech stocks in the US are headed weighing on sentiment in London. The FTSE 100 did manage to add 50 points, but remains below the 6000 level at 5979. The biggest gainer was Ashtead, up 79p at 2780p.

The worst faller was BA owner IAG, down 7p at 200p.