27th Nov 2018 10:19
LONDON (Alliance News) - Two Shields Investments PLC on Tuesday said its loss widened significantly in the first half of its current financial year, hurt by Brexit uncertainties.
The stock was down 21% on Tuesday at 0.09 pence a share.
The AIM-quoted investing company said its loss widened in the six months to the end of September to GBP1.1 million from GBP244,453 reported for the same period a year earlier, as revenue dropped 75% to GBP262,000 from GBP1.1 million.
"General market conditions, buffeted by international political uncertainty and events, have not been favourable in recent months and this has hit junior companies more than anyone," explained Chairman Charlie Wood.
"However, when I look at our investment portfolio, I am highly optimistic for the future of Two Shields," added Wood.
In the first half, Two Shields acquired a 1.2% stake in the digital social e-commerce platform WeShop. It exchanged a 49% stake in Cobalt Blue Holdings for a 11.26% interest in AIM-listed African Battery Metals PLC.
The company also said it continued exposure to lithium exploration in West Africa through a 30% shareholding in Xantus Inc and a 40% stake in Nashwan Holdings Ltd.
Two Shields invested USD50,000 in Kalahari Key Minerals, increasing its interest in the company to 22.5%. The transaction came after Kalahari discovered drill targets prospective for nickel and platinum group elements.
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