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LONDON - Fandango Holdings PLC (LSE:FHP) reported a loss of £88,000 for the fiscal year ended February 28, 2025, a significant improvement from the £762,000 loss posted in the previous year, according to the company’s annual financial results released Friday.
The investment company, which is currently pursuing a reverse takeover (RTO) of European Battery Metals Pty Ltd (EBM), saw its financial position bolstered by the recovery of £394,000 in previously written-off loans to related parties. These loans were reassigned to a current director and a former director during the reporting period.
Total administrative expenses and listing costs amounted to £481,000, down from £761,000 in the previous year. The company ended the fiscal year with £1,000 in cash and a net liability position of £711,000, compared to a net liability of £623,000 at the end of fiscal 2024.
Fandango’s shares remain suspended on the London Stock Exchange as it progresses with the acquisition of EBM, which has battery-related mineral assets in Sweden. The company is finalizing due diligence and working capital reports while determining the most suitable UK market for listing the combined entity.
"The Board is currently progressing the transaction, conducting final due diligence, finalising working capital reports and seeking counsel to ensure that the Company is listed on the most suitable UK market for such an asset base," the company stated in its press release.
Post-year end, Tatbels Limited, a company controlled by Director Charles Tatnall, provided an interest-free loan facility of £150,000 to assist with cash flow needs. The company aims to complete the RTO by late September 2025, pending regulatory approvals.
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