25th Aug 2015 08:01
LONDON (Alliance News) - Opera Investments PLC on Tuesday said it made a small pretax loss in the period since its inception in November last year, as it works on progressing its reverse takeover of SoloPower Systems Holdings Inc.
Opera struck a deal in July to buy SoloPower Systems, a US-based solar energy company, in a USD220 million reverse takeover.
Opera, which listed in London in April with the aim of acquiring companies or businesses in the natural resources sector, is issuing new shares at GBP0.28 each to Hudson Clean Energy Partners, SoloPower Systems' owner.
The company posted a pretax loss of GBP26,823 between its creation in November 2014 and the end of June, with no revenue.
Opera also envisages an equity fundraising of at least USD40 million to fund SoloPower's future investment and working capital requirements.
Due to the reverse takeover, Opera shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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