Pristine Capital PLC on Monday reported a smaller annual loss and an improved cash position as it continues to search for a ‘suitable’ reverse takeover target in the real estate sector.

The London-based special purpose acquisition company said its pretax loss for the year ended October 31 narrowed to £284,784 from £463,897 a year earlier. Net assets grew to £788,978 from £672,466.

Diluted loss per share stood at 0.06 pence, narrowing from 0.10 pence a year prior.

Cash reserves increased to £764,364 at the end of the financial year, up from £649,265, boosted by a £52,000 VAT reclaim from HMRC following an abortive takeover attempt in 2023. The company said its current cash position stands at £712,303 as of February 21.

During the year, Pristine Capital changed its name from More Acquisitions PLC and appointed Neil Sinclair as executive chair. The company also placed its cash reserves into an ‘interest-bearing’ account with NatWest.

Chair Sinclair said: ‘We are continuing to use our extensive experience both with listed companies and in the real estate sector, to find a suitable RTO target for the company. There have been encouraging signs over the course of the past couple of months, where we continue to see that opportunities are becoming available, that could provide the desired returns favoured by investors.’

Shares in Pristine Capital were down 1.6% at 0.62 pence in London on Monday morning.

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