LONDON (Alliance News) - Investing company Auctus Growth PLC shares were suspended on Wednesday after the group said it has entered talks on a reverse takeover of an unnamed social media platform, as it said it posted a pretax loss in its first trading period.
Auctus, which was founded in May last year and which floated on the Main Market of the London Stock Exchange in August, said it is holding talks over a reverse takeover of a social media platform.
If successful, shares in the company will be cancelled on the Main Market and shares of the new business will be admitted to AIM.
Auctus said it expects the business to be admitted to AIM in the second quarter.
In a separate statement, covering the period from May 14 to December 31, 2014, Auctus said it posted a pretax loss of GBP39,650. It said it had reviewed a number of possible reverse takeover opportunities in the period, but none had met its criteria.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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