29th Jan 2020 11:47
(Alliance News) - Summerway Capital PLC on Wednesday reported a loss in its maiden annual results, with the company still targetting a reverse takeover.
In the year ended August 31, the company reported a pretax loss of GBP191,320. Administrative expenses came in at GBP205,882, and Summerway reported finance income of GBP14,562.
Summerway listed on the London Stock Exchange in October 2018, with the goal of acquiring businesses in the household and consumer goods sector with enterprise valuations of between GBP20 million and GBP100 million.
The company on Wednesday however said that shareholders will get to vote on whether to keep that plan in place.
Summerway added: "Although the board has evaluated a number of potential acquisition targets, it has not yet identified a suitable investment opportunity and as such, it has not yet substantially implemented its investing policy. Given the period of time since its admission to AIM, the company is seeking shareholder approval of its ongoing investing policy."
The company didn't provide a date for that shareholder meeting.
Summerway raised GBP6.1 million in its AIM float, issuing 6.1 million shares at 100 pence apiece.
The stock was untraded at 99.00p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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