Ashington Innovation (LSE:ASHI), a special purpose acquisition company listed in London, reported a pre-tax loss of £87,211 for the six months to 30 June, down from £117,478 a year earlier.
The company generated no revenue in the period, consistent with its status as a shell vehicle whose costs reflect the expense of maintaining a public listing while it searches for an acquisition.
Commentary in the interim results is dominated by a deal struck after the period ended: on 10 August, Ashington agreed non-binding, exclusive Heads of Terms to acquire World Metal Group, a Singapore-headquartered vertically integrated urban mining platform, in a share-for-share transaction.
The proposed acquisition would see Ashington issue new shares to WMG's majority shareholders and rename itself World Metal Group, seeking admission to the Main Market's Equity Shares (commercial companies) category.
Completion depends on due diligence, a definitive share purchase agreement, a prospectus approved by the Financial Conduct Authority, shareholder approval, a Rule 9 waiver from the Takeover Panel and a concurrent equity fundraising.
Ashington's shares have been suspended from the Official List since 7:30am on 10 August and will remain so until a prospectus is published.
The company topped up its unsecured, interest-free loan facility with director Jason Smart by £70,000 on 17 September, taking the facility to £250,000 and extending repayment to 31 December 2027.
Ashington said it will update the market once binding terms are agreed, cautioning there is no certainty the proposed acquisition will complete.