Mentum to sell LME business.
21 November 2011 - British commodities trading group Mentum (LON:MEN) said Monday it had agreed to dispose of its LME Holdings Ltd subsidiary to concentrate on an alternative investment strategy that could be value enhancing to shareholders.
Mentum will sell LME, its wholly-owned subsidiaries, Mentum Investments Limited and Mentum Partners Limited, and related assets and liabilities to Corvus Capital Ltd for GBP1 (USD1.57m/EUR1.17m).
Following completion of the transaction, which needs shareholders clearance, Mentum will seek other opportunities in the oil and gas sector to be able to generate "an attractive rate of return" for its stockholders.
The company will look for an acquisition with the 12 months after its shareholders meeting. A potential buy will represent a reverse takeover and will need the go-ahead of its shareholders, Mentum said in a filing with the London Stock Exchange.Country: , UKSector: Wholesale/Retail, Metals/MiningTarget: Mentum Partners Limited, Mentum Investments Limited , LME Holdings LtdBuyer: Corvus Capital LtdVendor: Mentum IncDeal size in USD: 1.6Type: DivestmentStatus: Agreed