30th Apr 2019 13:56
LONDON (Alliance News) - Vertu Capital Ltd on Tuesday reported a widened annual loss as it continues to try to identify a target company to acquire.
In 2018, Vertu Capital reported a pretax operating loss of GBP166,863 compared to GBP129,319 in 2017.
Vertu Capital was set up in 2014 to acquire a target company in the financial services sector.
In 2017, the company entered into a non-binding letter of intent to acquire the entire issued share capital of investment bank VCB Malaysia Berhad for GBP350,000. The letter of intent was terminated at the beginning of 2018, however, with Vertu describing the event as "regrettable".
Following the termination, Vertu has been attempting to identify a suitable new target company.
In March 2018, Vertu increased its paid-up capital through issuance of 20.0 million new shares at a price of 1.025 pence per share, raising gross cash proceeds of GBP205,000 before expenses
At December 31, Vertu had cash of GBP488,912.
"The board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection," the company said.
Shares in Vertu Capital were untraded Tuesday but last closed at 0.70 pence each.
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