9th Mar 2016 10:23
LONDON (Alliance News) - Glenwick PLC is "actively investigating" a small number of potential oil and gas investment targets, Chairman Cameron Pearce said on Wednesday, as the company reported a widened 2015 loss.
"In the meantime we shall continue to keep a very tight control of costs, so as to preserve the fresh capital and keep it available for due diligence and possible seed funding," the chairman said.
Glenwick said it made a GBP6.6 million loss in 2015, versus a GBP5.8 million loss in 2014. All but GBP48,000 of the loss arose from the company's activities as a fund investing in German commercial real estate as Treveria, Pearce said.
The company sold its Treveria subsidiaries for EUR17 million in cash in September 2015. Having realised all its investments, the company paid a distribution of 3.512 euro cents per share in October.
Since the distribution of all the net proceeds from the German property business, Glenwick raised fresh share capital of GBP640,000, providing GBP574,000 net of issue costs.
The company then raised further capital to bring the totals to GBP1.0 million and GBP943,000 respectively.
"Consequently, the company is well resourced to carry out the evaluation of investment opportunities and meet any seed funding needs which may arise," Pearce said.
Shares in Glenwick were down 12% at 0.1357 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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