LONDON (Alliance News) - Metal Tiger PLC Wednesday said its losses widened in the first-half as administrative expenses increased.
AIM-listed Metal Tiger posted a pretax loss of GBP100,000 for the six months ended June 30, compared with a GBP81,100 loss a year earlier, as administrative expenses increased to GBP97,100 from GBP63,500.
During the period, the company completed a GBP400,000 fund raising, changed the management team, adopted a new investing policy with a refocus of its activities together with a change of name and rebranding to reflect a new direction for the company.
In addition, the company recovered part of the debt under a cost indemnity agreement for a possible reverse transaction that was terminated. At the same time, Metal Tiger said it maintained general overheads at a very modest level and achieved these changes with limited due diligence costs.
"Shareholders should note that it is a difficult balance to allocate resources in pursuit of a reverse transaction for the Company while simultaneously protecting the company's resources, as well as the listing, and I believe we have achieved a very satisfactory outcome for shareholders given such constraints," Chairman Alex Borrelli said in a statement.
Looking ahead, the company said it is continuing to review additional opportunities in the precious and base metals sector both within Southeast Asia and other geographical regions.
Metal Tiger shares were untraded Wednesday morning, quoted 1.025 pence per share.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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