17th Mar 2020 15:24
(Alliance News) -Â Spitfire Oil Ltd on Tuesday said it has come to the "inescapable conclusion" it should liquidate.
The firm's pretax loss narrowed to AUD113,324 in the half-year to December 31 from AUD325,594 a year ago.
This was helped by impairment costs falling to AUD22,847 from AUD250,629 a year prior.
"It has been a long and tortuous journey for the directors, management and shareholders of Spitfire. The dearth of projects and/or companies capable of being acquired, joint ventured or developed over the past decade has been frightening, not least for their lack of quality, resources or integrity of certain vendors," said Chair Mladen Ninkov.
"It has led to the inescapable conclusion that the company should be suspended, delisted and liquidated and surplus funds returned to shareholders so that you may be able to deploy the capital in a more successful manner," Ninkov said. "I hope so in this particularly difficult world economic environment."
Shares in Spitfire are currently suspended.
By Lucy Heming;Â [email protected]
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