3rd Apr 2014 11:14
LONDON (Alliance News) - Octagonal PLC Thursday said it is on the lookout for more investment opportunities after last week reporting that it was in the process of acquiring a 9.97% stake on Global Investment Strategy UK Ltd in a GBP800,000 cash deal.
Formerly known as Suretrack Monitoring PLC, the company changed its name and became an investing company after selling IBP Ltd as a result of the business failing to win the major contracts it had been targeting.
Despite adopting a policy of investing or acquiring companies and projects within the natural resources and agricultural sectors, Octagonal last week took a 9.97% stake in GIS, a financial services firm trading in equities, fixed income, commodities, currency and futures.
Octagonal said it will work closely with GIS on ways of potentially increasing its stake in the operating business.
The GIS acquisition is expected to be completed at some point in April.
Octagonal reported a GBP187,636 pretax loss for the year ended March 31, compared with a GBP1.4 million pretax loss the year prior, when the company booked a GBP885,028 impairment of goodwill charge in IBP.
Octagonal shares were Thursday quoted at 0.335 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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