29th May 2018 16:50
LONDON (Alliance News) - Fandango Holdings PLC said Tuesday it has narrowed its loss for the period from September to the end of February.
Fandango posted a pretax loss of GBP153,000 but did not give a comparable period the year before. The company posted a pretax loss of GBP200,000 for the 12 months to August 2017.
The investment company was set up with the "original primary objective of undertaking a single acquisition of a target company".
Fandango previously announced it has signed a non-binding letter of intent to acquire Corporate Commercial Collections Ltd and Vatbridge Ltd, to be paid for by the issue of 908.4 million shares in the company.
As the acquisition constitutes a reverse takeover, shares in the investment company have been suspended, last quoted at 0.68 pence.
Both companies to be acquired are in the factoring and finance service sector, and if completed, Fandango shareholders will have a minority interest in the newly enlarged group, which will be readmitted to trading on the London Main Market.
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