AFRICAN Oilfield Logistics, the investment firm founded by businessman and ex-England cricketer Phil Edmonds, had a muted response to its debut on Aim yesterday.
The firm, which invests in the oil and gas logistics support industry in sub-Saharan Africa, is looking to raise £4.25m from placing 85,172,415 shares, representing 38 per cent of its share capital.
Shares opened at 6.50p and closed at 6p, with 11,492 shares traded yesterday.
Africa Oilfield was founded by Edmonds and business partner Andrew Groves, who have introduced African-focused companies to Aim together.
Some of their former deals have been mired in controversy. Shares in oil explorer White Nile soaring within days of the float in 2005, but trading was soon suspended after the company’s legal right to drill in southern Sudan was challenged. In 2008 it shelved the oil business and rebranded itself as Agriterra, focusing on farming in Africa.
Edmonds and Groves have also faced criticism in the past for investing in Zimbabwe under Mugabe’s rule.
The new company had already raised £6.5m from investors prior to the float.
“We feel that with our experience we can rapidly identify suitable acquisition targets that can benefit from increased capital investment, through a listed vehicle that can also further utilise the international capital markets,” said African Oilfield Director Andrew Groves.