Glenwick's losses narrows as cash shell plumps up board

8th Aug 2016 14:23

(ShareCast News) - Investment company Glenwick's losses narrowed for the first six months of the year while it restructured its board. For the six months ended 30 June, the company cut losses to £160,000 from about £5.5m in 2015.During the half-year period, which saw it walk away from a potential major deal, £875,000 was raised as share capital, including the exercise of warrants. By the 30 June Glenwick had about £1.3m in cash, the equivalent of 0.06p per share.Glenwick, which is incorporated on the Isle of Man, said: "We are currently conducting due diligence on a number of natural resource targets and given our strong cash balance, the board is confident that the company will implement its investing strategy in due course."The AIM-listed company sold its entire interest in its investment subsidiaries for about €17m and its property assets in September 2015, and changed its name from Treveria to Glenwick when it became a cash shell under AIM rules.The company was in the advanced stages of evaluating an acquisition opportunity which triggered a suspension of trading in the company's shares on AIM from 23 May. Glenwick was not able to reach an agreement on acquisition terms and so negotiations were terminated, and the suspension was lifted on 22 June.On Monday the company also announced changes to its board with additions of Dr Jacob Poll, a petroleum indistry veteran with experience at Shell and Woodside, and Amanda van Dyke, a fund manager at Peterhouse Asset Management, as non-executive directors.Glenwick said: "Today's appointment of both Amanda van Dyke and Dr Jaap Poll to the board will strengthen the company's access to potential target projects in the natural resources sector and increase our ability to execute the investing strategy."Shares Glenwick were down 8.39% to 0.0710p at 1524 BST.