28th Sep 2018 13:30
LONDON (Alliance News) - Tau Capital PLC said on Friday its loss narrowed slightly in the first half of 2018 due to a smaller net loss on financial assets at fair value.
Tau reported a pretax loss for the six months to the end of June of USD210,926, narrowed from USD235,402, due to a narrowed net loss at fair value on financial assets and liabilities to USD6,244 from USD5.0 million the year before.
Tau said that during the period it received an offer for its 40% holding in pharmaceutical distribution company Stopharm LLP. In August, a conditional share purchase agreement was signed to sell Stopharm for USD1.3 million.
The sale is subject to bank approval, shareholder and regulatory approval, with the agreement including a longstop date of October 24.
A meeting will be held on Thursday next week to gain shareholder approval for the sale; however Tau Capital said that if approval is not acquired for the sale, it will move to cancel its shares on AIM and liquidate the company.
Shares in Tau Capital were untraded on Friday, last quoted at USD0.04.
Related Shares:
TAU.L