At last...RNS22 Apr 2015 08:25
I present the Chairman's report for the financial period ending 31 December 2014, where the Company reported a net loss of £39,650 (2.73p per share) and as at 31 December 2014 had liquid cash balances of £1,096,820.
During this financial period, and in particular since the Company's Initial Public Offering on 22 August 2014, the Board has actively reviewed a number of potential reverse takeover opportunities across a variety of sectors, none of which has met the necessary criteria for selection.
However the Board is pleased to report that, since the period end, an exclusivity agreement has been signed with a social media platform to allow for a detailed due diligence process. Further to an intensive period of analysis, both companies have now engaged advisors to rapidly progress the requisite documentation to complete a reverse takeover transaction. The Board believes the target company, a peer to peer content sharing platform, has reached a very exciting stage of its development and is managed by a team of highly talented and innovative people.
It is anticipated that the newly enlarged entity will be admitted to trading on AIM during Q2 2015. Shareholders should note that whilst the Board is resolute in its efforts to execute the proposed transaction, no binding agreement has yet been reached and accordingly, the Board cannot at this stage guarantee its completion.
The Board looks forward to providing further updates to shareholders in due course