29th Apr 2019 14:28
LONDON (Alliance News) - daVictus PLC on Monday said its loss remained broadly unchanged in 2018 as it prepares to buy a cafe chain.
The investment company reported a loss for 2018 of GBP141,377 compared to GBP141,748 loss a year prior, as interest income grew to GBP1,081 from GBP106.
Administrative expenses, meanwhile, remained broadly flat at GBP142,458 versus GBP141,854 the year earlier.
During the year, daVictus said it went through comprehensive review of several opportunities and shortlisted the companies for target acquisition.
The company agreed to enter into non-binding conditional heads with Typical Dutch NV for a restaurant concept branded as HAVANA Rolled Cigar Music Cafe.
The proposed transaction would constitute a reverse takeover under the Financial Conduct Authority's listing rules. Accordingly, trading in the shares of the company on the London Stock Exchange's main market was suspended.
"The board strongly believe this acquisition of the HAVANA will give a positive outlook to the company and drive shareholder returns," said Chair Hadi Bin Majid.
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