27th Jun 2019 14:04
(Alliance News) - Tau Capital PLC on Thursday said its loss narrowed sharply in 2018 and it is "working hard" at identifying acquisition targets.
Tau Capital reported a pretax loss of USD457,610 in 2018 compared to USD5.3 million in 2017.
The company became a cash shell in mid-October last year after disposing of its final asset, an indirect interest in Stopharm LLP.
Tau Capital said its shares will remain suspended until the completion of a reverse takeover. If no such transaction is completed within six months of the date of the suspension, which was April 23, the company's shares will be cancelled from trading on AIM.
"Your board is now working hard on identifying appropriate targets as well as considering other options," said Chair Gerwyn Williams.
"Meanwhile your board is exercising tight control on expenditure and looks forward to updating you as matters progress over the course of the next few months," added Williams.