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-yearly report. The loss was attributed to administrative costs, with the company holding cash reserves of £437 at that date.
BIH, which was founded in November 2015 to acquire companies, originally targeted the foreign exchange sector. However, due to a lack of opportunity, the company has broadened its search for acquisition targets beyond any specific industry or geographic region.
Key events for the period included the issuance by the directors of new zero-coupon convertible unsecured loans, due 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 to register a majority stake.
The subscription agreement with Zarara Energy Ltd, which was announced on 29 October 2024, included the issue 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 management shakeup.
The existing shares of BiH are still suspended from trading, and the company faces the challenge of meeting the market capitalization threshold of 30 million pounds for re-entry into the FCA Official List. The directors of the company are responsible for the preparation of the interim report, which gives a true and objective presentation of the financial position of BiH.
The company’s management recognizes several risks, including dependence on key executives, the challenge of evaluating acquisition targets and the need to raise additional capital for acquisitions.
This news is based on a press release from Boston International Holdings PLC.
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