31st Mar 2015 17:57
LONDON (Alliance News) - Tricor PLC Tuesday said the suspension of its shares should be lifted from April 1 as it released its long awaited results for the year ended March 31, 2014, and said it has signed a GBP200,000 working capital facility with Ellwood International Ltd.
The facility will result in Ellwood subscribing up to 52.6 million shares at a price of 0.38 pence per share in Tricor, and the company said it can drawdown from the facility once its shares resume trading.
The company's shares were suspended in 2014 until it posted its results for the year ended March 31, 2014. It has now released the results, which should lead to its shares being allowed to resume trading, it said.
In the period, the company reported a wider pretax loss of GBP3.3 million from a GBP1.3 million loss a year earlier on the back of higher administrative costs, which offset a rise in revenue.
Administrative costs rose to GBP2.4 million from GBP613,000 and finance costs increased to GBP877,000 from only GBP22,000 a year earlier. Revenue in the period rose to GBP3.9 million from GBP207,000. Its cost of sales also rose to GBP3.9 million, cancelling out the company's revenue for the year.
By Joshua Warner; [email protected]; @JoshAlliance
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