28th Sep 2018 14:51
LONDON (Alliance News) - Special purpose acquisition company Boston International Holdings PLC said on Friday that it has continuing to make progress on acquiring Cornhill FX Holdings Ltd, though this is taking longer than expected.
Boston's pretax loss widened to GBP217,000 for the six months to the end of June, from GBP127,000 a year before, on administrative costs rising to GBP215,000 from GBP128,000.
Back in August 2017, Boston announced its intention to enter into a non-binding letter of intent regarding the proposed acquisition of Cornhill FX. As this transaction would constitute a reverse takeover, its shares have since been suspended from trading.
"The proposed transaction has taken longer to conclude than anticipated, however the board remains committed to achieving a successful outcome and will provide further updates in due course," Boston International said in a statement Friday.
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