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Chemicals company investor Wilmcote reported a first-half loss and said it planning a £6.5m recapitalisation to help it pursue acquisition opportunities.
Pre-tax losses for the six months through June amounted to £10.3m, compared to losses of £13.2m on-year, following the termination of talks with potential target Arclin.
Wilmcote reported no revenue because it was still searching for acquisition targets.
'Since incorporation, the company has pursued a number of investment opportunities in line with its stated investment strategy and in doing so has incurred material third party transaction-related expenses,' Wilmcote said.
The company said it would need to raise funds because it no longer had sufficient financial resources to continue to execute its investment strategy.