15th Mar 2019 16:15
LONDON (Alliance News) - Gunsynd PLC on Friday said its loss widened in the first half of its current financial year due to a fall in the value of its investments.
The stock was trading 11% lower on Friday at 0.02 pence a share.
The investment company said its loss widened in the six months to the end of January to GBP248,000 from GBP156,000 reported for the same period a year prior.
Gunsynd explained that its performance was mainly hurt by revaluation losses of GBP178,000 compared to GBP25,000 loss in the first half of its financial 2018.
At the end of September, the company sold its 2% interest in Horse Hill Developments Ltd to UK Oil & Gas PLC for GBP600,000. At the time, Gunsynd held a 0.9% stake in UK Oil & Gas.
On Monday, Gunsynd disposed of 31.2 million shares in UK Oil & Gas at an average price of 1.41 pence each for a total consideration of GBP437,966. Following this disposal, Gunsynd no longer holds an interest in UK Oil & Gas.
The company also has 5.3% investment in Oyster Oil & Gas Ltd. Gunsynd said it is currently in discussions with a third party to raise money for Oyster to progress further work on the Madagascar licence, which Gunsynd believes has "great potential".
"Whilst conditions have been far from perfect, it is pleasing that we managed to sell our Horse Hill Developments stake and finally made progress on the Oyster situation where we have strengthened our position," said Chair Hamish Harris.
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