14th Jan 2020 12:01
(Alliance News) - Trident Resources PLC on Tuesday said it is still in the process of identifying a suitable acquisition option as it posted a widened loss.
In the six months to October 31, the cash shell posted a widened pretax loss of GBP389,774, up from GBP128,314 a year ago It did not generate any revenue.
Shares in the company were untraded on Tuesday morning in London, last quoted at 17.50p each.
Trident listed on London's Stock Exchange in October 2018, with the intention of acquiring a controlling interest in a company in the mining sector. Any acquisition is expected to be a reverse takeover, with most of the acquisition expected to be share-based.
Chief Executive Adam Davidson said that while acquisition opportunities have been identified, the company remains focused on suitable opportunities that will deliver attractive returns and that will appeal to the broader investment community.
"We are currently working with our advisers and consultants on a number of opportunities, all of which would represent an ideal first investment for the company, providing both significant potential for long-term value as well as near-term cash flow," he stated.
Trident on Tuesday also said it has strengthened the board by appointing Mark Potter as a non-executive director in November. Potter previously served as chief investment officer of natural resources-focused company Anglo Pacific Group PLC.
Tyron Rees was also hired as vice president, corporate development. He was previously an investment associate with Resource Capital Funds which is a private equity fund in the metals and mining sector.
Looking ahead, Trident remains "optimistic" of closing a "transformational" transaction in the first half of 2020.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
APF.LTRR.L