Play the man
Denham Capital's investment in Pembroke Resources appears to follow a standard pattern: Find a management team with a track record of building and selling resources companies; furnish them with start-up capital to accumulate a portfolio of assets; provide more capital as projects mature; take the holding vehicle public once it reaches a sufficient scale or sell it to a strategic buyer. And then repeat.
The sums of money and assets involved are the polar opposite of venture capital but there are similarities in the underlying approach. The investor is backing a person or group of people with nothing more...
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