(Alliance News) - Spinnaker Opportunities PLC on Thursday reported a widened loss in the first half of 2019 due to increased costs.
The investment company said the pretax loss widened in the six months to the end of June to GBP156,000 from GBP91,000 reported a year earlier, due to an increase in operating expenses.
Spinnaker did not generate any revenue in either year.
The company requested a suspension of trading of its shares with effect from February 27, following the signing of non-binding heads of terms to acquire the entire issued share capital of Kanabo Research Ltd.
Preparations and documentation for both the acquisition and re-admission of the enlarged group is going well, Spinnaker said.
The company had GBP880,000 cash at the end of the period.