27th Sep 2013 14:11
LONDON (Alliance News) - Armstrong Ventures PLC, formerly a software company but now a shell company, narrowed pretax losses as it sought suitable opportunities to utilise its listing and make investments in the natural resources and energy sectors.
In the half year ended June 30 the company had a pretax loss of GBP57,974 narrowed from a pretax loss of GBP69,142 million in the previous year. The company recorded administrative expenses of GBP61,724, decreased from GBP69,142.
Armstrong cautioned that the medium term outlook remained volatile, as Chinese economic growth has slowed and is unlikely to recover significantly in the short term. The company said it would have to raise additional funds in order to complete a successful transaction or use its quoted shares.
The company said that it had decided not to pursue an acquisition opportunity after the end of the half year. GBP500,000 of its funds are being held by a third party whilst it evaluated the opportunity; it has received GBP150,000 back from the third party and a further GBP250,000 will be returned the first week of November. Armstrong is presently working to recollect the remaining GBP100,000.
"The equity markets for small fledgling resource exploration and development companies has been difficult of late and to all intents and purposes dried up," said Chairman Haresh Kanabar in a statement. However, the company said it would continue to seek out opportunities despite these difficult conditions.
Shares in Armstrong were trading down 11% at 0.0210 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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