29th Dec 2023 11:06
(Alliance News) - Rockpool Acquisitions PLC on Friday said that delays in the acquisition of Amcomri Group Ltd led to wider losses for the six months ended 30 September 2023.
The Belfast-based special purpose acquisition company said pretax loss widened to GBP347,999 over the period from GBP77,746 the year before.
The group attributed this to costs incurred by its acquisition of Amcomri Group, a Northern Ireland-based acquisitive firm of companies in the engineering and manufacturing sectors.
Losses were also incurred by the attempt to readmit Rockpool shares following their suspension in November 2022. The company's shares remained suspended from trading over the interim period due to delays in the acquisition.
While it Rockpool hoped that readmission would be completed by September, this is now expected to take place in the second half of 2024, subject to an agreement on revised terms with Amcomri.
Rockpool Chair Richard Beresford said: "Progress towards completing the acquisition of the Amcomri group and readmission has been slower than had been anticipated and this has resulted in a greater than expected drain on the company's cash reserves. As noted above, it is unlikely that the company will be able to complete these goals without either raising additional funds or receiving financial support from the sellers of the Amcomri Group."
Shares in Rockpool were untraded at 4.75 pence each in London on Friday morning.
By Hugh Cameron, Alliance News reporter
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