Pensana plc (LON:PRE) has announced that M&G, one of the UK’s largest and long-standing fund managers, has acquired a 5.2% equity stake in the Company by investing £10 million at 81 pence per share by way of a private placement.
M&G’s Head of UK Equities Michael Stiasny commented:
“With this strategic investment, we look forward to supporting Pensana in the future as it continues to develop an independent and sustainable rare earth supply chain based in the UK, which is essential as we move towards becoming a net zero economy.”
Pensana Chairman, Paul Atherley, noted:
“We are delighted with the investment by M&G which comes at an exciting time for the Company as we look to establish a world class rare earth processing hub at the Saltend Chemical Park in the Humber Freeport, to meet the burgeoning demand from Electric Vehicle and Offshore Wind industries.”
Following the recent on market purchases by a large US long only fund and together with the holdings of FSDEA the Angolan Sovereign Wealth Fund, M&G’s investment will increase the institutional holdings in the Pensana to over 35%.