(Alliance News) - Baskerville Capital PLC on Tuesday reported a widened interim loss as it posted an update on its proposed takeover of Oberon Investments Ltd.
For the six months to the end of December, the cash shell posted a pretax loss of GBP83,790 from GBP53,146 the year prior. No revenue was recorded in either period. Cash stood at over GBP1.4 million with no debts.
Baskerville said that since the end of the reporting period, it entered into "non-legally binding heads of agreement" to acquire Oberon Investments Ltd. It has acquired a 7.8% stake in Oberon for GBP850,640 in cash and has committed to subscribing for a further GBP350,945 worth of Oberon shares by April 30.
Oberon is the holding company of fund manager MD Barnard & Co Ltd.
Should the Oberon acquisition be completed, Baskerville will seek admission to the NEX Exchange Growth Market and apply for its shares to resume trading on the London Stock Exchange.
Baskerville shares are currently suspended from trading on the LSE Main Market as the acquisition constitutes a reverse takeover. The stock last closed at 3.45 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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