Fragrant Prosperity Holdings Ltd on Thursday reported a widening of its interim loss as it remained optimistic about funding and acquisitions.
Fragrant Prosperity is a British Virgin Islands-based special purpose acquisition company.
The SPAC reported a pretax loss of £90,503 in the six months to September 30, widening from £40,363 the prior year.
Fragrant Prosperity said it continued to search for suitable targets coupled with additional funding throughout the six-month period. It is targeting an acquisition where the company has a value of up to £100 million.
Chair Simon Retter noted: ‘The current economic climate as well as challenging financial markets mean this has taken longer than expected, although the directors are optimistic that suitable funding and resulting acquisition of a company will be forthcoming’.
Its cash balance dropped on-year by 61% at the end of the period to £76,992 from £195,324, with administration expenses multiplying over the same period to £74,924 from £25,820.
‘Due to the limited cash balance as at the period end the company is in the process of seeking additional funding in order to purse its strategy of making an acquisition to seek re-admission of the enlarged group to listing on the Official List and trading on the London Stock Exchange or admission to another stock exchange,’ said the firm.
Shares in Fragrant Prosperity were flat at 0.40 pence each on Thursday morning in London.
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