LONDON (Alliance News) - LB-Shell PLC on Tuesday said it seeks to purchase or invest into a new business after reporting a narrowed loss in the first half of its current financial year.
The stock was trading 38% lower on Tuesday at 0.105 pence per share.
For the six months to the end of May, Lb-Shell reported a pretax loss of GBP529,000. In November last year, Lb-Shell decided to sell its main subsidiary, Intelligent Energy Ltd and all remaining assets to Meditor Energy Ltd for GBP19.5 million, due to a bleak outlook. Meditor completed the takeover less than a month before the company exhausted its cash reserves.
In May, Lb-Shell appointed a new board of directors to refinance the company and take it in a new direction in 2018. The new board created GBP435,000 in unsecured convertible loan notes, with the aggregate principal amount being convertible into shares at a price of 0.03p.
The new directors will utilise the new funding to maintain Lb-Shell's listing on the main market of the London Stock Exchange, while seeking to acquire or invest in a business.