30th Sep 2014 10:37
LONDON (Alliance News) - Armstrong Ventures PLC Tuesday said it has decided to conduct a strategic review that could result in the recommendation of a change in its investing policy, citing the economic environment in its chosen sphere of natural resource-orientated small companies involved in exploration and development activities.
In a statement, Armstrong Ventures said it expects the review to be completed fairly swiftly, with the findings due by the end of October.
"The company has looked at a number of possible investments over the period but for various reasons none of the opportunities reviewed were suitable for us to make an investment," Chairman Haresh Kanabar said in a statement.
"Commodity prices have shown declines due to concern over the growth rate, particularly in China as they are a significant consumer of these commodities. It is very difficult to attract capital for small-cap exploration companies, and we cannot say with any degree of confidence how long these conditions may last," Kanabar added.
Armstrong Ventures made the disclosure as it reported a widening of its first-half pretax loss.
It made a GBP85,913 pretax loss in the six months ended June 30, all of which was attributable to administrative expenses, compared with GBP57,974 in the corresponding period last year.
Armstrong Ventures shares were Tuesday quoted down 14% at 0.0240 pence.
By Samuel Agini; [email protected]; @samuelagini
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