30th Oct 2013 15:47
LONDON (Alliance News) - Highway Capital PLC Wednesday said pretax losses narrowed for the first half, as it reduced expenditure to a minimum in order to preserve its cash resources.
The cash shell company that is seeking to acquire businesses posted a pretax loss of GBP49,000 for the period ended August 31 compared with a GBP54,000 loss a year earlier. It currently isn't making any revenues, so all of the loss is money being spent on administrative expenses.
The firm said it continues to identify and evaluate target companies, but there remains the need for the two largest shareholders to agree on any deal put forward.
In August 2013, the board announced it was proposing to issue 794,563 shares at a price of 14 pence per share and raise up to GBP111,000 by means of an Open Offer, which was later approved by shareholders.
The Open Offer was fully subscribed and following a board meeting, the new shares were allotted and have subsequently been admitted to the Official List.
The firm said it had net cash of GBP126,000.
No dividend has been declared.
The stock was trading at 16.10 pence Wednesday afternoon, down 0.40 pence or2.4%.
By Anthony Tshibangu; [email protected];
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