LONDON (ShareCast) - (ShareCast News) - Paternoster Resources, an oil and gas investment company, disclosed a new major shareholder on Tuesday even as it posted a larger loss after tax than a year ago.


The company announced GAEA Resources, a palm oil trading specialist which has experienced tremendous growth since 1990s, had joined its shareholder register.

That was despite turning a loss after tax of £793,959 for the six months ended June 30, compared to a profit of £443,582 over the same period of 2016.

At period-end, the company's net assets stood at £2.8m in contrast to £3.6m as of 31 December 2016, principally due to the fall in Plutus PowerGen's share price.

Nicholas Lee, the chairman of Paternoster commented: "A number of the companies in Paternoster's investment portfolio have been very active. Overall, the Company's net assets have decreased during the period, principally due to the fall in the Plutus PowerGen share price as a result of uncertainty surrounding the statement by OFGEM with respect to TRIAD payments to local embedded power generators."

"Plutus, however, is confident in its business model going forward and its share price has since recovered significantly, increasing by over 25% at the period end from its low point during the first quarter of 2017.

"Furthermore, since the period end, the Plutus share price has increased by a further 60%, adding over £400,000 to the Company's net assets.

"Ortac Resources has been restructured and refocused and, since the period end, Paternoster has now received shares in i3 Energy Limited via its investment in Glenwick plc, and these shares are now listed."

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