Eastbridge Investments narrows loss in turnaround year

(ShareCast News) - Eastbridge Investments reported results for the 2015 calendar year on Thursday, and revealed it had significantly narrowed its loss to £0.43m from a restated £12.19m in 2014.The AIM-traded firm said this equated to a loss per share of 0.24p, against 20.3p last year.On 9 January 2015, the company held a general meeting at which the disposal of its former business and adoption of a new investing policy was approved.The firm successfully raised more than £0.4m through the issue of new equity to investors in order to progress its investing policy and identified a number of potential investment targets."However, it became apparent to the Directors that the likelihood of obtaining the additional financing required to complete any of these investments, for which approximately another £0.6m was needed was unlikely," the board said in a statement.On 30 October, in light of the increasing difficulty in securing additional investment to enact the company's existing investing policy, and in order to best generate returns, the directors proposed and shareholders approved a new investing policy.The new policy focussed on asset backed or insured equity and debt instruments which make regular cash payments, principally those used to fund retail finance in the form of secured and unsecured personal loans from the issuers of the securities being acquired."The directors believed that this opportunity presented shareholders with a better chance of a return on their investment in the company than the existing policy and thus adopted it."Following the general meeting, a placing raised £0.5m and these funds were invested in the Tranche B Helix Securitisation Fund, which yields 9.85% per annum."We were unable to conclude any further fund raising within the period," the board said.