LONDON (Alliance News) - Evocutis PLC Wednesday posted a narrowed pretax loss for the first half of its financial year following its transition into an investment company, and said it was continuing to evaluate and seek additional investments.
For the half year to end-January the company posted a pretax loss of GBP57,000, narrowed from a pretax loss of GBP67,000 a year earlier, due to lower administrative costs. It did not produce revenue in either period.
Evocutis sold its intellectual property assets to Venn Life Science Holdings PLC in March of last year and became an investment company.
Following a general meeting last September the directors who had previous managed the trading operations of the company stepped down, and Donald Strang, Hamish Harris and David Lenigas, now Chairman, were appointed.
Last December the company raised GBP1.5 million in a share placing, and signed an agreement to acquire a 10% interest in Brazil Tungsten Holdings Ltd. Brazil Tungsten has a 25 year lease over a producing mine in Rio Grande do Norte in Brazil.
Following the end of the half year Evocutis signed final contracts to complete the acquisition of this initial interest, and also has an exclusive option to increase its holding to 20% by investing a further USD1 million.
In March it made further investments, comprising of a 2% interest in Horse Hill Developments Ltd, a 3.01% interest in Noricum Gold Ltd, and a 3.13% interest in Alba Mineral Resources PLC.
Shares in Evocutis are trading down 1.4% at 0.183 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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