IT might be worthwhile keeping an eye on Gaelic Resources, the small exploration company, following the revelation that an unnamed investor has bought a 12.5 per cent share bloc: At the company's annual general meeting this week, chairman Ian Forrest said that the shares were purchased through a nominee account, possibly on the expectation that "something might happen".
Gaelic underwent a restructuring last year which involved a British investment company acquiring an 11 per cent shareholding. The company, Charles Street Securities, and Gaelic chairman Mr Forrest will pump in around £250,000 to assist the company exploit "suitable opportunities".
Gaelic has partial rights to a prototype process for reducing the viscosity of crude oil. Company finances are also somewhat viscous, with accumulated losses of £7.5 million up to the end of 1994. The shares, languishing in the penny stock bracket, have not changed hands since last March. A flutter only for optimists and extroverts.
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