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LONDON (Alliance News) - Dukemount Capital PLC on Thursday reported a widened interim loss as the property manager, separately, announced it has agreed forward funding for its Wavertree property in Liverpool.
Shares in Dukemount Capital were up 10% Thursday at 0.32 pence each.
For the six months to the end of October, Dukemount reported a pretax loss of GBP184,806 compared to GBP153,476 recorded in the same period a year ago.
Dukemount did not report any revenue in the period. The company's total administrative expenses and losses from operations was the same as its pretax loss.
The company attributed the loss to directors' fees and the costs of trading on the Official List of the London Stock Exchange. At October 31, Dukemount had cash balance of GBP450,000.
Since its listing in early 2017, Dukemount has completed its first two transactions.
"Since the year end the board has been actively engaged in talks with a number of housing associations, institutions and property owners as well as pushing the current two projects to a conclusion," said Executive Chair Geoffrey Dart.
"Our two projects in north west England have now reached that conclusion and we have announced that both projects have forward funding in place. The contracts for both projects have each been assigned to income funds who are aiming to deliver secure, stable income with a level of inflation protection to their investors, adding to our acquisition fund and allowing us to investigate further projects we are being presented with."
Through its subsidiary DKE (Wavertree) Ltd, Dukemount has agreed a forward funding and assignment of the contract at its Wavertree property to Time: Social Freehold, a fund managed ny Time Investments. The conversion works are expected to take 8 months.
The Wavertree project consists of two large semi-detached houses.