(Alliance News) - EverArc Holdings Ltd on Wednesday posted positive results for the first half of financial 2020.
The newly-listed investment vehicle posted a USD500,741 loss for the period from November 8, 2019 to April 30.
EverArc incurred operating costs of USD2.1 million including USD1.7 million of administrative expenses and USD340,000 of non-cash charge related to warrant redemption liability. However, these expenses were offset by income from investments totalling USD1.6 million.
The company raised USD340 million in its initial public offering with shares priced at USD10 each, as well as a further USD71 million on subsequent placing which shares priced at USD10.50 each. IPO costs were recorded at USD10.4 million.
Cash held as at the end of April was USD400.4 million.
Shares in EverArc were untraded on Wednesday afternoon in London, last quoted at 12.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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