17th Jul 2015 08:51
LONDON (Alliance News) - Acorn Minerals Ltd Friday said it is still seeking to acquire or invest in one company or project after 12 months of inactivity in which the company focused on minimising its costs.
Acorn, which does not currently own a single project, reported a GBP77,393 pretax loss in the year ended March 31, slightly narrower than the GBP126,645 loss a year earlier. That was caused by a fall in administrative expenses.
"In the past 12 months your board has continued to identify and assess suitable opportunities in the mining, minerals and energy sectors, including both conventional and alternative energy projects as well as mining and energy infrastructure projects that are consistent with our investment strategy," said Chairman Tony Brennan.
Acorn said it has reviewed over 30 potential projects and is currently carrying out preliminary due diligence reviews on several of them.
At the end of March, the company had GBP1.3 million in cash with no debt.
On its website, Acorn claims it will invest/acquire a company or project with an enterprise value up to GBP50 million, and plans to only invest in one.
Acorn shares were down 1.7% to 14.50 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ACO.L