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LONDON (Alliance News) - Mineral & Financial Investments PLC Monday said its pretax loss narrowed by more than two-thirds in 2013 as its loss on disposal of investments declined.
The company reported a pretax loss of GBP663,000, compared with a loss of GBP2.3 million in 2012, as it booked a GBP450,000 net loss on dipsosals of investments, down from a GBP1.4 million loss the previous year.
"We believe fiscal 2014 will be a far more visibly active year for M&FI, as we consider our first strategic investments. Once we have determined that a mineral asset is attractive we will most likely negotiate our investment privately, as would a private equity fund, and inject capital into the company on a conditional basis, most likely to include board representation and a right of first refusal on advisory work," the investor in commodities markets said in a statement.
"Ideally our investment stake will represent between 5% and 20% of the investee company, which would allow us the manoeuvring room to make follow-on investments and /or financing solutions to the company," it added.
Mineral & Financial Investments shares last traded at 6.125 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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