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(Alliance News) - Cash shell AIQ Ltd on Monday reported a narrowed full-year loss amid a non-repeat of listing costs.
In the financial year ended October 31, AIQ trimmed its pretax loss to GBP503,608 from GBP654,276.
The company reported an absence of GBP438,096 in "transaction costs", expenses associated with its January 2018 stock listing.
Elsewhere, administrative expenses climbed 28% to GBP487,791 from GBP381,806 last year, and the company swung to a foreign exchange loss of GBP35,630 from a GBP147,078 gain.
In September, AIQ signed heads of terms to buy Alchemist Codes Sdn Bhd, a Malaysia-based company which provides IT services to the e-commerce sector. It has two main operations, consultancy, and an e-commerce app called Octaplus.
AIQ will buy Alchemist Codes for GBP2.3 million, to be paid entirely in AIQ shares. The deal is reliant on the completion of due diligence.
Shares in AIQ have now been suspended from trading in London, as the deal is considered a reverse takeover under AIM rules.
By Eric Cunha; ericcunha@alliancenews.com
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