LONDON (Alliance News) - Polemos PLC Wednesday said its pretax loss narrowed after a significant drop in administrative expenses following the sales of PLUS Derivatives Exchange Limited, PLUS Stock Exchange PLC and PLUS Trading Solutions Limited by the group that preceded Polemos.
Polemos, which is now a natural resources investing company focused on the oil & gas sector, said its pretax loss narrowed to GBP110,000 for the six months to June 30, compared with GBP790,000 for the corresponding period the year prior. It put the reduction down to narrowing administrative expenses, which fell to GBP110,000, from GBP774,000.
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.
Polemos now own shares in Tullow Oil PLC, Ophir Energy PLC and Pura Vida Energy NL, and it said it is reviewing other investment opportunities, though Executive Chairman David Lenigas said further activity shouldn't be expected in the short-term, implying that he was extremely busy with preparing the half-year results of the other companies he chairs, which include Leni Gas and Oil PLC, Solo Oil PLC and AfriAg PLC.
On June 14, 2012, the former group sold PLUS Trading Solutions Limited to Forum Trading Solutions Limited for a token GBP1 and deferred consideration of GBP281,250, followed by the June 21, 2012, sale of PLUS Stock Exchange PLC to ICAP Holdings Limited, a subsidiary of ICAP Holdings PLC, for GBP500,000.
It sold Plus Derivative Exchange to Pipeline Capital Inc. later in 2012.
Polemos shares were Wednesday quoted at 0.235 pence, down 13%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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