23rd Sep 2019 12:08
(Alliance News) - Golden Rock Global PLC said Monday its loss for the first half of 2019 widened as discussions for a potential acquisition fell through.
For the six months to the end of June, the fintech-focused acquisition vehicle reported a pretax loss of GBP187,820, widened from GBP135,994 the year before, on higher administrative costs.
Meanwhile, the company's cash balance as at June 30 totalled GBP548,000, down from GBP719,000 at the end of December.
Golden Rock Global said that for a number of months it had been in a discussion with a third party concerning a possible acquisition. However, recently the target company had decided it would not proceed with the transaction.
"This is clearly disappointing as considerable time and cost had been incurred progressing this opportunity. However, this has not weakened the board's resolve to continue to find a suitable acquisition opportunity for the company," Golden Rock Global said.
Shares in Golden Rock Global were down 8.3% at 5.50 pence on Monday.
By Dayo Laniyan; [email protected]
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