News Column

Galleon Considering Possible Investments, Exploring New Funding Sources

June 30, 2014

Samuel Agini

LONDON (Alliance News) - Galleon Holdings PLC Monday said that it is continuing to consider possible investments and is also exploring new funding sources, in the wake of its discussions to acquire 85% of Aktobe Steel Production LLC falling through in May due to delays in documentation, diligence and a number of commercial issues.

In a statement, Galleon said that its pretax loss narrowed to GBP95,000 in the six months ended March 31, from GBP270,000 in the corresponding period a year earlier. Revenue fell to GBP6,000, from GBP3.9 million. Administrative expenses were cut to GBP101,000, from GBP1.1 million.

During the course of its last financial year, Galleon restyled itself as an investing company focused on the resource and energy sectors, after going into administration and exiting its digital content business.

Galleon shares were Monday quoted at 7.00 pence, untraded.

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Source: Alliance News

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