Cash Shell Plutus Swings To Interim Loss; Eyeing Reverse Acquisition

(Alliance News) - Plutus PowerGen PLC on Friday recorded a swing to an interim loss and said it ...

Alliance News 5 February, 2021 | 12:05PM
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(Alliance News) - Plutus PowerGen PLC on Friday recorded a swing to an interim loss and said it is working towards sealing a reverse takeover.

The cash shell reported a swing to a pretax loss of GBP212,014 in the six months ended October 31 from a GBP115,838 profit in 2019.

Administration expenses were down in the period to GBP212,014 from GBP365,574 in 2019, a reduction of GBP153,560 due to material cost savings being implemented.

However, numbers showed that GBP483,240 in profit from discontinued operations from a year earlier was not reported this year.

Plutus PowerGen posted no revenue in the period, unchanged from 2019.

The company directors said it has sufficient resources to continue to actively seek an acquisition or acquisitions constituting a reverse takeover under AIM Rule 14. At the current time, Plutus PowerGen said it has adequate cash resources and working capital for at least 12 months.

Looking ahead, Executive Chair Charles Tatnall said: "We are expending all our energies to identify an operating business or operating assets to acquire with a view to a reverse take-over of the company in order to maximise the opportunity for our shareholders as an AIM Rule 15 cash shell. Discussions remain ongoing in this regard and we will update shareholders at the appropriate time. There can of course be no guarantee that the company will be able to successfully complete a reverse takeover."

Shares in Plutus PowerGen were down 2.4% at 0.042 pence in London on Friday.

By Zoe Wickens; zoewickens@alliancenews.com

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Plutus PowerGen PLC

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