MinSec announces Virgin Islands move, restructure

Perth-based minerals investor Mineral Securities Ltd will join fuel additives manufacturer Firepower by setting up shop in the British Virign Islands in a proposed company restructure supported by possible merger partner Scarborough Minerals plc.

MinSec said in an announcement the restructure, which would involve setting up a BVI company to acquire 100 per cent of MinSec shares, would simplify future investments and reduce the company's administrative costs.

"In effect, existing Mineral Securities shareholders and option holders will exchange their securities in Mineral Securities for similar shares and options in the [new company]," the company said in an announcement.

The company aims to complete its restructure in May.

MinSec also announced the company was aiming to merge with the Robert Champion de Crespigny-chaired Scarborough as soon as possible, with the transaction likely to be based on a share exchange ratio.

Mr Champion de Crespigny is likely to chair the merged group, while MinSec chair Keith Liddell would serve as chief executive.