We acquired Japan Canada Oilsands Ltd (JACOS) a non-core subsidiary of JAPEX, the Japanese energy company, through the formation of Greenfire Resources. We partnered with an entrepreneurial management team to introduce a new operating philosophy, whereby we were able to substantially increase production and reduce operating costs. Greenfire is now publicly listed on the NYSE and TSX (GFR) and we remain the largest shareholder, whilst sharing in the wealth creation with the employees.

We invested in Arq, an industrial technology company that processes mining waste and produces carbon products. We subsequently merged Arq with Advanced Emissions Solutions Inc, a NASDAQ listed manufacturing businesses that produces activated carbon, a product used to remove impurities from water and gas. The combined business has material competitive advantage and produces a high performing activated carbon with low production costs and emissions. We remain a large shareholder in ADES.

We acquired Link Africa, the satellite communications subsidiary of Celtel, a pan-African mobile phone company. We established Gateway Communications as a focused satellite communications provider for telephone companies and multinational corporations operating in Africa. We subsequently sold Gateway to Vodacom, the African subsidiary of Vodafone.