(Alliance News) - Trident Resources PLC said on Wednesday that it made a loss in its first full year since its initial public offering last October but it is yet to make an acquisition.
In the year ended April 30, the cash shell made a pretax loss of GBP229,861, generating no revenue in the period.
Administrative expenses, including directors' and consulting fees, totalled GBP119,621. Listing expenses were GBP110,240.
The company raised GBP4.0 million during the IPO with the intention of raising money to acquire a company, most likely in the mining sector. Trident Resources has GBP3.7 million in cash.
Non-Executive Chair James Kelly said: "I believe that Trident represents an extremely attractive proposition to prospective Acquisition counterparties considering listing on the London Stock Exchange and I remain confident that we will be able to execute an Acquisition that creates value for our shareholders.
"Whilst the board has a desire to complete an acquisition in a timely manner and take advantage of current market dynamics, we will not compromise in our approach of securing attractive commercial terms and completing the appropriate detailed and systematic technical, legal and financial due diligence."
The company said its annual general meeting will take place on September 12.
Shares in Trident Resources were untraded on Wednesday, last quoted at 15.25 pence in London.
Trident Royalties (TRR)