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Adalan Ventures PLC - Russia-focused fintech company, formerly known as Zaim Credit Systems PLC - Pretax loss narrows to £127,702 for the six months that ended June 30, from £208,175 a year earlier. The company reports no revenue, unchanged from a year earlier. Driving the improved bottom line are cost reductions. Staff costs fall 21% to £90,825 and operating expenses decline 61% to £36,877.
Earlier this year, Adalan Ventures reported progress toward its reverse takeover of Topos Network Pte. Adalan in late 2023 said it had reached non-binding agreements for the reverse takeover of Milan-based Re-Lender Spa and Singapore-based Topos. In October, it said Topos had entered a modified form of the term sheet signed in December. It noted Re-Lender is ‘no longer a party to this agreement’.
Under the updated deal, Adalan and Topos have granted mutual exclusivity subject to the provisions of the UK City Code on Takeovers & Mergers. Both are working to extend the exclusivity period to March 31, Adalan said, with the reverse takeover planned for the first quarter of 2026.
Adalan Ventures shares have been suspended from trading in London since December 7, 2023.
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