16th Jan 2015 11:56
LONDON (Alliance News) - Natural resources investment company Coburg Group PLC Friday posted a widened pretax loss for its first half, as the result of a write down of trade investments.
For the half year to end-October the company posted a pretax loss of GBP67,370 compared to a pretax loss of GBP40,352 a year before, mostly as a result of a GBP26,780 revaluation of trade Investments due to the "depressed state of prices in the minerals market".
Coburg said that in light of the perceived continuation of this trend for the "foreseeable future", whilst it will continue to invest in companies in the natural resources sector, it is increasing its focus on identifying a reverse takeover in any sector that will benefit shareholders.
The company's investment as at end-October 2014 was an 11.4% interest in AIM listed African Eagle Resources PLC.
African Eagle has been suspended from trading on AIM since last August due to not having made an acquisition or implementing its investing policy under AIM rules. However, in November, African Eagle announced it would be acquiring Line Chem Resources Proprietary Ltd, which operates an iron ore mine in the Northern Cape province of South Africa. The acquisition is expected to be closed on or before end-March.
Shares in Coburg Group are untraded Friday. It last closed at 79.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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