7th Jan 2016 09:33
LONDON (Alliance News) - NBNK Investments PLC on Thursday said there is "realistic potential" that it will make an acquisition that could fulfil its investing policy, which is aimed at targets in the financial services sector.
News of a potential acquisition prompted the company to wait until April 11 to decide if it should return money to shareholders and wind up. It had previously set January 11 as that deadline.
NBNK had GBP19.8 million in cash at the end of June 2015, according to its interim report issued last August.
The company was originally established to acquire a retail bank, with the so-called Project Verde assets that went on to form TSB Banking Group the initial target. However, NBNK lost out to the Co-operative Group, which itself ended up pulling out of the deal amid financial difficulties.
Lloyds Banking Group PLC went on to divest TSB via an initial public offering in London and completed its exit last year by accepting a takeover offer for the banking network from Spain's Banco de Sabadell SA.
Shares in NBNK were up 4.3% at 33.90 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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