Milton Capital interim loss narrows as pursues Apostrophy transaction

Milton Capital PLC on Monday said it strengthened its balance sheet in the first half of the year, while it kept looking for a suitable acquisition target.

The special purpose acquisition company said loss narrowed to £71,809 in the six months to July 31 from £165,631 a year earlier. Cash and cash equivalents increased 44% to £378,458 from £262,711.

Chair Richard Mays said Milton "raised some additional working capital to strengthen the balance sheet, further constrained expenditure, and continued its search for a suitable initial transaction" in the period.

Milton is progressing its proposed transaction with technology company Apostrophy AG, having signed a non-binding term sheet and exclusivity agreement in September to pursue a share purchase agreement.

Apostrophy, which operates in the telecommunications sector, is partly owned by entrepreneur Petter Neby, who wholly owns Punkt Tronics AG. Apostrophy is expected to acquire the telephony assets of Punkt prior to completion of the proposed transaction with Milton.

Milton's shares remain suspended following the announcement of the agreement.

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