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LONDON (Alliance News) - Trident Resources PLC on Friday said it is still seeking an acquisition to make following its October initial public offering and made a loss in its inaugural interim report.
In the six months to October 31, Trident Resources posted a pretax loss of GBP128,314. The cash shell did not generate any revenue.
Trident Resources listed on London's Main Market in October, raising GBP4.0 million, with the intention of acquiring a controlling interest in a company. It issued 20.0 million shares at 20 pence per share on October 1.
Shares in Trident Resources were untraded Friday but last closed at 20.50 pence each.
The company is focused on acquiring an asset or business in the mining sector. Any acquisition is expected to be a reverse takeover, with most of the acquisition expected to be share-based.
Trident Resources currently has GBP3.8 million cash.
Chair James Kelly said: "I was delighted by the strong support we received for our IPO which was led by a number of leading institutional natural resource investors, and high-net-worth individuals. As we start 2019, Trident has a strong balance sheet including just under GBP4 million of cash, a supportive shareholder base, a clean capital structure and an experienced board of directors and adviser team. I believe that this makes Trident an extremely attractive proposition to prospective acquisition counterparties, including asset vendors considering a listing transaction on the London Stock Exchange."
Trident Resources said it has seen a "strong flow" of potential acquisition opportunities since its IPO and it is currently "screen and evaluating" these opportunities.
The "market volatility and global economic uncertainty" seen at the end of 2018 has "persisted" into 2019, according to Trident Resources. The company believes this has led to a reduction in capital available in the mining sector.
Kelly added: "This scarcity of capital reinforces my belief that the company is in an advantageous position from which to secure an acquisition that creates value for shareholders."