Gunsynd (GUN) has published a circular to shareholders setting out proposals that it cease to be an investing company and become instead an operating company.
The company also proposes a capital reorganisation, the adoption of new articles of association, and the appointment of Sheldon Modeland as independent non-executive director.
A general meeting will be held 28 October 2026 to allow for shareholders to vote on the changes.
Historically, the company has focused on making investments and acquisitions, principally in the natural resources sector.
Following the disposal of substantially all of its other investments, the company's business now primarily comprises its wholly owned Barb gold project in Manitoba, Canada, together with a 10% interest in the Eagle Lake gold project in Ontario and a small remaining interest in Aberdeen Nickel, which the company intends to dispose of as soon as reasonably practicable.
The board intends that future activities will be focused on the exploration and development of natural resources assets, principally gold assets in North America, with the Barb project as flagship.
In connection with the proposed transition to an operating company, Gunsynd engaged Axiom Resources Group to prepare a Competent Person's Report in respect of Barb.
The Competent Person's Report provides an independent technical assessment of Barb and is available on the company's website at www.gunsynd.com. Recent rock chip sample assays from Barb returned up to 489 grams per tonne gold.
As part of the proposed transition, the Company intends to change its name to Bisgood PLC. Once the change of name takes effect, the ticker will be BSG.
There will also be a 12-for-1 share consolidation.
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It is not uncommon for an investing company on Aim to see their shares traded at a significant discount to net asset value and Gunsynd clearly believes that transitioning to an operating exploration company, with a wholly-owned flagship project, has the potential to materially reduce that discount.