- August 22, 2016
LONDON (Alliance News) – Sealand Capital Galaxy Ltd on Monday said it made a pretax loss of GBP85,844 for its recently ended financial year, after having listed in London in November.
Sealand, a cash shell formed to acquire a target company or business in the social media sector, said the GBP86,365 of administrative costs recorded for the six months ended June 30 offset the GBP521,000 income. No loss or profit was posted a year earlier, as there was no income and no administrative costs.
In March 2016, the company signed a memorandum of understanding to acquire for GBP3.0 million in cash and shares Securecom Media Holdings Ltd, which has the global exclusive operating rights to the mobile application ‘Metalk’, developed by Logicquest Technology Inc.
Metalk is an application which safeguards users’ privacy and protects important correspondence data.
Sealand had cash in the bank and in hand of GBP600,052 at the end of June.
Shares in Sealand were remain suspended pending the completion of its acquisition. They last traded at 13.90 pence in November.
By Hannah Boland; [email protected]; @Hannaheboland
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