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LONDON - Medcaw Investments Plc, a company focused on pursuing acquisitions, disclosed its audited financial results for the year ended December 31, 2024, revealing a net loss and the cancellation of a proposed transaction with Abyssinian Metals Limited (AML).
The results, announced on April 30, 2025, showed a loss for the year of £432,360, compared to a loss of £712,170 in the previous year. The company reported no revenue for either year. Administrative expenses were reduced to £267,097 from £562,260, and the company recognized an impairment of £196,141. The basic and diluted loss per share decreased to 1.95 pence from 3.64 pence.
Medcaw’s net liabilities stood at £163,304 as of December 31, 2024, a decrease from net assets of £269,056 the previous year. The company’s cash and cash equivalents significantly dropped to £72,286 from £371,484.
The company also provided an update on the proposed reverse transaction with AML, initially announced on July 7, 2023. The board decided not to proceed with the transaction due to an ongoing dispute between AML and the Federal Democratic Republic of Ethiopia concerning the Kenticha Lithium project. Medcaw’s shares, which had been suspended, resumed trading on the London Stock Exchange (LON:LSEG) on April 2, 2025.
Following the cancellation of the AML deal, the directors have initiated the search for a new acquisition target. The Chairman, Marcus Yeoman, expressed gratitude to shareholders, directors, and colleagues at Orana Corporate LLP for their support during this period.
The financial statements have been prepared on a going concern basis, despite recurring losses and the company’s dependence on obtaining additional financing. The auditors have included a material uncertainty note regarding the company’s ability to continue as a going concern.
This news article is based on a press release statement by Medcaw Investments Plc.
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