29th May 2020 15:05
(Alliance News) - Fandango Holdings PLC said Friday its interim loss widened, as the investment company continued to progress the acquisition of an early-stage oil well services provider.
For the six months to the end of February, Fandango's pretax loss widened to GBP162,000 from GBP99,000 the same period the year before, as listing costs rose to GBP124,000 from GBP24,000.
However, administrative expenses dropped to GBP70,000 from GBP111,000.
In early March, Fandango signed a non-binding agreement to acquire an undisclosed oil well services provider.
The acquisition constitutes a reverse takeover, leading to Fandango's shares on the London Main Market being suspended.
Fandango said that the transaction is progressing well, and is currently preparing the prospectus for the acquisition of the unnamed oil well services provider in exchange for shares in Fandango.
Looking ahead, Fandango said it has not bee negatively impacted by Covid-19, but did admit the outbreak has caused national and global economic uncertainty and may affect the company's operations in "unforeseen ways".
By Dayo Laniyan; [email protected]
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