30th Sep 2015 14:50
LONDON (Alliance News) - Armstrong Ventures PLC Wednesday reported a wider pretax loss in the first half of 2015 as it faced higher administrative fees and said it is seeking suitable investment opportunities which may include a reverse takeover of the company.
The company said that its pretax loss in the six months ended June 30 widened to GBP148,064 from GBP85,913 the year before as it had to pay additional fees to its former directors and was faced with other costs related to its placing in July.
Armstrong said that there was no operating activity in the period and therefore did not generate any revenue.
"Following the placing on July 17, 2015 the board has continued to seek suitable investment opportunities. Such opportunities might include a reverse takeover of the company. The board continues to believe that Armstrong Ventures is an attractive company for a business seeking to list on the AIM market whilst the company also has the resources to invest in the media, technology and healthcare sectors," Chairman Sean Nicholson said in a statement.
Shares in Armstrong Ventures were trading down 9.0% at 0.0141 pence Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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