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(Alliance News) - Blue Star Capital PLC on Thursday reported a fall in net assets during what the esports, gaming and technology investor described as a year of "consolidation".
Blue Star shares were 11% lower at 0.098 pence each in London on Thursday afternoon.
Net assets at September 30 was 4.6% lower at GBP5.2 million from GBP5.5 million in the year prior.
Blue Star said: "2019 has been a year of consolidation as the company came to terms with the disappointment and costs associated with the termination of the proposed reverse take-over of SatoshiPay Ltd in January 2019. An unfortunate consequence of the transaction terminating was that, as the company had incurred significant transaction fees, it was forced to raise equity on two separate occasions to fund ongoing operations."
The company in January backed out of its proposed acquisition of the investee. Blue Star blamed difficult market conditions for its decision, as the period since the takeover was proposed was "marked by significant uncertainty in global financial markets".
Blue Star still has a 28% stake in Satoshi, a payments business.
The company posted a pretax loss of GBP684,964 from GBP1.5 million profit in the year prior.
By Eric Cunha; ericcunha@alliancenews.com
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