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MAC Alpha interim loss widens; raises further GBP600,000 in new shares

6th Mar 2023 12:57

(Alliance News) - MAC Alpha Ltd on Monday said its half-year loss widened as it posted no revenue, while it raised a further GBP600,000 via a subscription of new shares.

The London-listed acquisition vehicle said its pretax loss in the six months that ended December 31 was GBP170,297, widening 39% from USD122,400 a year earlier, as it posted no revenue for the period.

Administrative expenses were up 41% to GBP172,048 from GBP122,400, which was marginally offset by finance income of GBP1,751 from nil a year earlier.

The company was incorporated in October 2021 and listed in London two months later. Its formation was for the purpose of "effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses".

MAC Alpha said it continues to identify and develop opportunities to acquire a trading company with potential management partners and across a variety of sectors.

It said it believes its listed status and company structures positions it well to capitalise on any opportunities in the current market environment.

MAC Alpha also announced on Monday it raised GBP600,000 through the issue of 600,000 class A shares at a price of 100.00 pence per share. It said the capital was being raised to support its wider strategy and will be invested upon receipt in its subsidiary.

It noted, as the A shares are unlisted and carry no voting rights, the total umber of voting rights in the company remains unchanged.

Shares in MAC Alpha were trading down 13% at 175.00p each in London on Monday afternoon.

By Greg Rosenvinge, Alliance News reporter

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