LONDON (Alliance News) - Pentagon Protection PLC returned to trading on AIM Friday in the wake of a name change to YOLO Leisure and Technology PLC and transition to investing company status.
Under AIM rules, YOLO has until July 11, 2015 to agree a reverse takeover deal, or to otherwise implement its investing policy focused on the travel technology and leisure sectors.
Shares, which were restored to trading at the open, were quoted down 29% at 2.5 pence.
Last week, Pentagon Protection reported a GBP380,055 pretax loss for the six months to end-March, compared with the GBP2,788 profit it made a year earlier, as revenue more than halved to GBP596,412, from GBP1.7 million.
In April, the company had warned that although it had a "relatively health sales pipeline" in each of its divisions, the timing of contract milestones and the conversion of new contracts had led to a deterioration in its cash, and it was in talks to try to secure short-term financing.
Its shares were suspended in May as the company warned that its finances hadn't improved, and it would likely need to appoint administrators. Later that month it sold its security division for GBP190,000 to its former chairman and 29.5% shareholder Haytham ElZayn. The consideration was taken off loans that the company owed ElZayn.
Late last month, the company convened a general meeting being held Friday asking shareholders to approve it going into a so-called company voluntary arrangement, the sale of its trading subsidiaries, and the adoption of an investing policy under AIM rules.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.