Revealed: why China Africa Resources changed its name to Pembridge Resources
To the AIM bulletin boards where investors appear to have got rather excited about China Africa Resources's proposal to change its name to Pembridge Resources.
The move to change the company's name comes after David Linsley - one of the founders of Cross Asset Management (older readers might recall the investment firm was one of first London-based event driven hedge funds set up in the City) was appointed as chief executive in February.
Shareholders are expected to vote on the name change via a special resolution at a general meeting on March 22.
This has triggered also sorts of wild speculation about how China Africa Resources/Pembridge Resources could be on the cusp of a reverse takeover.
However, little old Betaville can, in fact, reveal the reason why David Linsley picked Pembridge Resources as the new name for the company: when he got the call asking him to be chief executive of the company Linsley was at the headquarters of Vrumi, which is based in Pembridge Villas, in Notting Hill Gate, London.
In case you don't recall, Vrumi is the succesful start up launched by Roddy Campbell - the other founder of Cross Asset Management, which was eventually sold to RAB Capital - that taps into the so-called sharing economy by matching working professionals with homeowners who have spare rooms for the day.
Here is a link to the FT piece on the launch of Vrumi: