31st Mar 2020 19:03
(Alliance News) - Hertsford Capital PLC on Tuesday reported a widened interim loss for the first half of its financial year, as the former cash shell starts trading under a new name and business.
Hertsford commenced trading on the London Main Market on Tuesday, following the completed reverse takeover of OTAQ Group Ltd.
OTAQ provides marine technology to the global aquaculture and oil & gas industries. It has "multiple" acoustic deterrent systems in Scotland, Chile, Finland, and Russia, which deter seals from attacking aquaculture sites.
Hertsford, a cash shell, in February announced heads of terms to buy OTAQ.
The company has also proposed to change its name to OTAQ PLC.
For the six months to the end of December, Hertsford Capital's pretax loss was GBP70,820, widened from GBP18,101 the year before, entirely due to a rise in administrative expenses to GBP75,055 from GBP19,301.
Due to being a cash shell, Hertsford did not generate revenue for the period.
Shares in Hertsford Capital closed trading at 54.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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