23rd Sep 2013 08:58
LONDON (Alliance News) - Metro Baltic Horizons PLC Monday said its half-year pretax loss widened following an increase in administrative expenses.
Metro Baltic Horizons said it made a EUR579,000 pretax loss for the six months to June 30, compared with EUR412,000 for the corresponding period the previous year. The loss widened after a similar surge in administrative expenses, up to EUR542,000 from EUR417,000.
The company said the loss reflected the cost of litigating against its former directors, professional advisers and investment management team in relation to a material proportion of the losses previously suffered by the company. The proceedings began in October 2012 and the company said its strategy continues to be focused on litigating against the previous board, with proceedings now before the Courts.
"The board is continuing to review the most efficient operational structure and capital management of the company's assets including but not limited to consideration of a de-listing of the company and a special distribution to shareholders in the most tax efficient form. The Board hopes to be able to provide an update to shareholders in the near future," said Ronan Reid, chairman of Metro Baltic, in a statement.
By Samuel Agini; [email protected]; @samuelagini
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