IN BRIEF: Donegal Investment loss widens, seeks reverse takeover deal

Donegal Investment Group PLC - Letterkenny, Ireland-based, agricultural firm - Pretax loss widens to EUR2.0 million in the six months to February 28 from EUR776,000 the year prior. No revenue is posted in either year, with the wider loss reflecting other expenses of EUR951,000 compared to zero a year ago. Donegal says the period saw it complete the sale of its seed potato businesses, receiving proceeds of EUR14.1 million. On completion, the firm has become a cash shell for the purposes of the Euronext Growth Rules and is therefore required to complete an acquisition constituting a reverse takeover within 12 months. If it fails to do this, trading in its shares will be suspended. The cash position at period end was EUR17.5 million.

Current stock price: EUR15.80

12-month change: down 4.2%

By Jeremy Cutler, Alliance News reporter

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