26th Jul 2019 12:32
(Alliance News) - Special purpose acquisition company AIQ Ltd on Friday reported a narrowed interim loss and said it has been active in its search for acquisitions, but has yet to find a suitable one.
In the six months to April 30, the company's pretax loss narrowed to GBP250,802 from GBP620,984 a year earlier. The prior year period covers the company's incorporation on October 11, 2017, to April 30, 2018.
This narrowed loss was as administrative expenses rose to GBP203,926 from GBP143,459, but the company did not incur any transaction costs. In the prior year period, the company took GBP416,812 in transaction costs.
During the half, the company said it reviewed a number of opportunities in the e-commerce, social media and artificial intelligence sectors. However, "none have yet met the criteria for the company to proceed to negotiations with those parties".
AIQ said it continues to review and assess potential acquisition targets, but discussions are at an exploratory stage and may or may not lead to negotiations.
"Nonetheless, the board remains confident of identifying an appropriate target and delivering on our stated strategy of acquiring one or more businesses involved in the e-commerce sector," AIQ said.
AIQ shares were untraded at 29.99 pence in London on Friday.
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