31st Oct 2014 12:06
LONDON (Alliance News) - Cash shell Highway Capital PLC Friday said it is continuing to identify and evaluate target companies while aiming to keep expenditure to a minimum in order to preserve its cash resources.
The company had cash at bank and in hand of GBP18,000 at the end of August.
"The largest shareholder has confirmed their continued support for the company, and we are discussing the funding of continuing working capital by way of a further loan," Highway Capital said in a statement.
Highway Capital said it made a GBP53,000 pretax loss in the six months ended August 31, compared with a GBP49,000 pretax loss in the corresponding period last year.
The company also said accountant and auditor Littlestone Golding has said that while it is able to continue to perform accountancy work for the company, it now has insufficient resources to perform the role of auditor due to regulatory requirements. Highway Capital said it will appoint another auditor in due course.
"Shells have been rather out of favour in recent years, but with the resumption of positive economic activity we have started to receive serious enquiries. We continue to believe there is value in a clean shell on the London Stock Exchange and will report any news in due course," Highway Capital said.
By Samuel Agini; [email protected]; @samuelagini
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