LONDON (Alliance News) - Cash shell Spinnaker Opportunities PLC said on Tuesday its annual loss slimmed as it focuses on the reverse takeover of a medicinal cannabis oil company.
The company recorded a pretax loss of GBP159,000 in 2018, narrowed from GBP190,000 the year before. Spinnaker did not generate any revenue in either year.
Following the year-end, Spinnaker in February said it signed a non-binding heads of terms to acquire medicinal cannabis oil company Kanabo Research Ltd.
The acquisition of Kanabo, if completed, will result in Spinnaker shareholders having a minority interest in the enlarged group and will constitute a reverse takeover under stock exchange rules.
Shares in Spinaker have been suspended since the February announcement.
"All being well", the company said, shareholders should have the opportunity to vote on the proposed transaction at a general meeting to be convened for that purpose.
"Whilst there can be no assurance that the proposed acquisition of Kanabo can be concluded, we are hopeful that it will work out. In any event, the directors remain motivated and committed to securing a suitable transaction as expediently as possible," said Chair Andrew Morrison.