Boston International Holdings PLC on Friday said its loss widened in the first half of its current financial year, as the company continues to search for an acquisition opportunity.

The London-based special purpose acquisition company said its pretax loss for the six months that ended June 30 widened to £279,000 from £196,000 the year before.

This was due to administrative expenses increasing 35% to £279,000 from £196,000.

It reported no revenue, unchanged from the year before.

Boston International said: ‘The company was originally formed to undertake an acquisition of a target company or business in the foreign exchange sector, however due to a lack of current opportunities in that sector, following the general meeting hedged on September 6, 2019, the directors’ efforts in identifying a prospective target or company or business are no longer limited to a particular industry or geographic region.

‘Following the completion of an acquisition, the objective of the company will be to operate the acquired business and implement an operating strategy with a view to generating value for its shareholders through operational improvements as well as potentially through additional complementary acquisitions following the acquisition.’

The group also confirmed on Friday that it has now received subscription monies for the new shares issued to Zarara Energy Ltd, as part of its $306,000 fundraising at the beginning of December.

Shares in Boston International last traded at 0.60 pence each, but will remain suspended from trading until it meets a minimum £30 million market capitalisation.

Boston International currently has a £766,760 market capitalisation, and is listed on the ’shell companies’ segment of the UK Financial Conduct Authority’s Official List.

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