LONDON (Alliance News) - Polemos PLC Friday said its pretax loss widened in 2013 after the company could not offset a major gain from now disposed operations during 2012, despite reductions in costs and expenses.
Polemos, which is now a natural resources investment company focused on the oil and gas sector, said its pretax loss widened to GBP464,000 from GBP325,000 the previous year.
The company said most of its fees, costs and expenses fell during the period, but these savings were offset by a GBP1.3 million gain from discontinued operations in the previous years figures.
Polemos was formerly known as PLUS Markets PLC, which was formed to develop an independent stock exchange as an alternative to the London Stock Exchange for small and mid-cap companies. That company "failed to establish a core customer and institutional shareholder base and was in financial distress with excessive costs due to an expensive technology platform, a high regulatory cost base and legal proceedings," according to a Polemos statement on October 16, 2012.
The company now owns shares in Tullow Oil PLC, Ophir Energy PLC and Pura Vida Energy NL, and it continues to review other investment opportunities, though Executive Chairman David Lenigas said during 2013 that further activity shouldn't be expected in the short-term.
Earlier in June, Polemos raised GBP650,000 by placing 650 million shares at a price of 0.1 pence per share, money it will use to strengthen its balance sheet, for working capital and for possible investments.
Instead of receiving cash for the issuance, Polemos will own the entire issued share capital of Polemos Jersey Ltd whose only asset will be its cash reserves, equal to the net proceeds of the placing.
Polemos shares were down 0.7% to 0.149 pence on Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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