10th Sep 2019 13:33
(Alliance News) - Boston International Holdings PLC on Tuesday said its loss was almost unchanged in the first half of the year as it has not yet made an acquisition.
The company recorded no revenue for the six months ended June 30 or the year before and its pretax loss was GBP210,000 - very close to the GBP214,000 loss posted the previous year.
The company's loss was entirely due to administrative costs, which totalled GBP211,000 in the first half of 2019 and GBP215,000 the year before. In both years, the firm reported GBP1,000 of finance income.
Boston International was created with the goal of acquiring a target company or business but has not yet done so. Its shares were suspended in August 2017 after it entered a non-binding agreement to purchase Cornhill FX Holdings Ltd but it could not raise the needed capital and withdrew in July 2019.
Since then, in August, the firm has raised GBP300,000 through a 6.0 million share subscription priced at 5 pence per share. Shares in Boston International were untraded at 4.50p in London on Tuesday afternoon.
Chair Borden James said: "The directors continue to review potential acquisition targets for the company. The company's investment strategy to date has been to focus on the [foreign exchange] sector because of the directors' experience in this industry. However due to a lack of current opportunities in that sector, the directors pursuit will no longer be limited to a particular industry or geographic region and a further announcement will be made at such time as the company is able to provide further details on any proposed transaction.
"Whilst it continues its assessment of potential acquisition opportunities, the board will prudently manage the company's remaining cash reserves and minimise its operating expenses in order to put the company in the best position possible to complete an acquisition."
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