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LONDON (Alliance News) - Reabold Resources PLC Tuesday posted a narrowed pretax loss for 2014, and said it is continuing to evaluate investment opportunities.
The company posted a pretax loss of GBP118,000 for 2014, narrowed slightly from a pretax loss of GBP196,000 a year before, as a result of lower administrative expenses. It did not post revenue in either period, although it recorded net investment losses of GBP5,000.
Reabold had identified a proposed reverse takeover in December 2013, but the acquisition was not completed in time under AIM rules, and was terminated due to the target company pursuing a non-public strategy, rather than proceeding with the AIM flotation process.
Subsequently the company decided to implement an investing policy focused on the natural resources sector. It made investments in Rio Tinto PLC, BHP Billiton Ltd and BP PLC, and during the period all of the covered call options written in respect to these investments were exercised, resulting in their divestiture.
"Whilst the board believes there are positive cyclical investment opportunities in resources stocks, they may be subject to significant volatility in financial markets and commodity prices, as well as other potential risk areas, including operational, geological, environmental, sovereign issues and access to capital. The board will evaluate investment opportunities in other sectors as they arise," the company said in a statement.
Shares in Reabold are untraded Tuesday morning. They last closed at 0.750 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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