LONDON (Alliance News) - Cash shell Spinnaker Opportunities PLC said Wednesday its has narrowed its interim loss during the first half.
In the six months ended June, Spinnaker Opportunities narrowed its pretax loss to GBP91,000 from GBP131,000 the year before. No revenue was generated in either financial periods.
The cash shell - which was set up in November 2016 to acquire a business in the industrial or energy sector - said it performed due diligence on two target businesses in the period, but they did not meed Spinnaker's criteria and "they were dropped".
Spinnaker Opportunities said that it has engaged another company in due diligence of a "high grade opportunity in a topical sector".
The company said it was "hopeful" a transaction can be worked out.
Shares in Spinnaker Opportunities were down 0.8% Wednesday at 4.51 pence each.