LONDON - Boston International Holdings PLC (BIH), a special purpose acquisitions company (SPAC), reported a net loss of £278,741 for the six months ended June 30, 2024, according to its unaudited half-year report. The loss was attributed to administrative expenses, with the company holding cash reserves of £437 as of that date.
BIH, which was formed in November 2015 to acquire businesses, originally targeted the foreign exchange sector. However, due to a lack of opportunities, the company has broadened its search for acquisition targets beyond any specific industry or geographic region.
Key developments for the period included the issuance of new zero coupon convertible unsecured loan notes by the directors, repayable on March 31, 2024, with an extension to December 31, 2025. The company also terminated its potential acquisition of Hyperion Resources Limited and entered into a non-binding letter of intent with Linkvalue Investment Limited for a majority stake subscription.
The subscription agreement with Zarara Energy Ltd, which was announced on October 29, 2024, involved the issuance of new ordinary shares representing a 60% stake in BIH for £306,000 in cash. This transaction was subject to certain approvals, including a Rule 9 Waiver from the Takeover Panel. Following shareholder approval, the deal was completed on November 29, 2024, resulting in a board reshuffle.
BIH's existing shares remain suspended from trading, and the company faces the challenge of meeting a £30 million market capitalization threshold for re-admission to the FCA's Official List. The company's directors are responsible for the preparation of the interim report, which presents a true and fair view of BIH's financial position.
The company's management acknowledges several risks, including dependence on key directors, the challenge of evaluating acquisition targets, and the need to raise additional capital for acquisitions.
This news is based on a press release statement from Boston International Holdings PLC.
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