Milton Capital search for suitable acquisition target continues
Milton Capital PLC on Friday expressed confidence in its runway, as it said it said screening of acquisition opportunities has ‘intensified’.
The special purpose acquisition company seeking opportunities in the energy sector reported a pretax loss of £165,631 for the six months that ended July 31, narrowing from £201,058 a year prior.
Driving the improved bottom line were administrative expenses, down 18% to £164,228 from 199,655, with share-based payment charges flat at £1,403.
The company said its search for a suitable acquisition target continues, as it noted its recent placement of 29.9 million shares at 0.005 pence per share in August, raising £149,500.
Shares in the Spac were 5.0% lower at 0.38 pence on Friday afternoon in London.
‘We have overhauled our business development programme. Screening of opportunities has intensified, and the remit widened. We are ’filling the opportunity hopper’ from wider sources and considering an array of possibilities,’ said Executive Chair Richard Mays.
‘It is the board’s expectation that the reduction in burn rate and the added funds we have secured in the recent placing, combined with existing funds, will be sufficient to see us through to an announcement on a possible initial transaction,’ Mays continued.
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