22 April 2013
Widespread Portfolios Limited to become Aorere Resources Limited
We are pleased to advise that the Board have agreed to refocus the business strategy of Widespread Portfolios Limited. This includes rebranding the Company and a change in its legal name to become Aorere Resources Limited. The name change will take effect on 7 May 2013. The Company will also switch to a new NZX ticker code on this date, changing from WID to AOR.
With the new name comes refinement of the Company’s investment strategy. The Company will continue to focus on early stage oil, gas and minerals projects seeking value accretion as those projects de-risk. The Company intends, however, to reassess its investment focus from overseas projects to New Zealand based projects.
The Company investment strategy moving forward is to focus on 5-6 mining or resource projects. Apart from the Company’s interest in Chatham Rock Phosphate, existing overseas based investments (principally, Asian Mineral Resources and King Solomon Mines) will be realised over time. At the same time the Company will move to focus primarily on investing in onshore New Zealand projects. This New Zealand investment approach is in recognition of the more positive resources environment now evident in New Zealand and the stronger political support for resources that the Government has shown.
New projects are intended to include both greenfield and more advanced mineral opportunities. The Company will initially outsource for relevant expertise and resources to identify deals and manage involvement in these projects. The networks developed and experience gained from establishing and managing Chatham Rock Phosphate will be leveraged and used to develop a revised investment portfolio.
The aim of this rebranding and change of investment focus is to give the Company a greater competitive advantage. The new investment focus is intended to result in greater investment diversity and can be implemented using existing infrastructure. It is hoped that as a result of these changes there will be more success for the Company’s investments such as that experienced to date with Chatham Rock Phosphate.
For and on behalf of the Board,
Chris D Castle