(Alliance News) - Fragrant Prosperity Holdings Ltd on Tuesday said its loss widened on higher administrative expenses and a share-based payment charge.
The British Virgin Islands-incorporated company was formed to undertake an acquisition of a company or business. No such acquisition took place during the period, and Fragrant Prosperity reported a pretax loss of GBP180,598 for the six months ended September 30, widened from a GBP37,982 loss a year before.
The GBP180,598 loss included administrative expenses of GBP130,598 of administrative expenses, up from GBP37,982 the year before. Additionally, the firm incurred a GBP50,000 share-based payment charge compared to no such charge the prior year.
Fragrant Prosperity Chair Simon Retter said: "The board has actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection and continues to review a number of potential acquisition opportunities."
As at September end, Fragrant Prosperity had cash of around GBP102,000 and is keeping its administrative costs at a minimum to enable the majority of funds to be used in the review of and possible investment in "suitable projects".
Retter said: "The board looks forward to providing further updates to shareholders in due course."
Shares in Fragrant Prosperity were untraded at 1.85 pence in London late on Tuesday morning.
By Anna Farley; email@example.com
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