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LONDON (Alliance News) - Reabold Resources PLC Friday said it swung to a loss in the full year, after its results in the previous year benefited from a settlement with creditors.
The company, which invests in the natural resources sector, posted a pretax loss of GBP196,000 for 2013, compared with a GBP7.8 million profit in 2012 when it booked a settlement with its creditors of GBP9.9 million.
Reabold was suspended from trading on AIM at the end of December after failing to make an acquisition in the required time limit since its conversion to become an investing company a year earlier. The company is yet to record any revenue.
The firm said its net assets showed a deficiency of GBP29,000, down from the deficiency of GBP93,000 a year earlier.
During the period, the company identified a proposed acquisition which would constitute a reverse takeover, however this was not completed in the required time limit. The transaction has now been terminated due to the target company pursuing a non-public strategy rather than proceeding with the AIM floatation process.
Reabold now hopes to raise around GBP875,00 in new equity and debt and made investments worth around GBP800,000.
However, Reabold said while it believes there are positive cyclical investment opportunities in resources stocks, these 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 company now hopes to move forward and have its AIM suspension lifted.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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