29th Jun 2015 08:33
LONDON (Alliance News) - 3Legs Resources PLC Monday said it made a significantly wider loss in 2014 after it restructured the business into an investment company as shareholders prepare to vote on a new investment policy at the end of July.
The resources investment company reported a GBP35.0 million loss in 2014, substantially wider than the GBP4.3 million loss in 2013 after it booked a GBP33.6 million loss on its decision to withdraw from activity in Poland's Baltic Basin and to terminate its other exploration activities.
The company has recently undergone some transformation since being classed as an investment company. 3Legs had planned on winding up the company last year, but shareholders have instead voted in favour of an offer from a group of investors, for GBP1.1 million of cash to be distributed to shareholders, or 1.33 pence per share.
Another meeting will be held on the last day of July, where shareholders will vote on the new investment policy which will focus on life sciences and related technologies.
3Legs shares were down 4.6% to 0.291 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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