23rd Dec 2016 09:07
LONDON (Alliance News) - Investment company Levrett said Friday discussions over its proposed acquisition of Nuformix Ltd are at an advanced stage, as it booked a loss for the first half of its financial year.
Levrett, which was formed to acquire a target company in the pharmaceutical and biotechnology sector, booked a pretax loss of GBP510,957 for the six months ended September 30. This was widened from a GBP350,420 loss in the previous period ended March 31.
Levrett currently has no investments but previously had said it has a conditional agreement to acquire pharmaceutical cocrystallisation company Nuformix.
On Friday, Levrett confirmed, "the acquisition is at an advanced stage, subject to the completion of documentation and compliance with all regulatory requirements". Shareholder approval for the acquisition will be sought at a general meeting in due course, said the company.
Shares in Levrett were untraded at 3.50 pence Friday.
By Adam Clark; [email protected]
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