- Chemicals company investor Wilmcote reported a first-half loss and said it was planning a £6.5m recapitalisation to help it pursue acquisition opportunities.

Pre-tax losses for the six months through June amounted to £10.3m, compared to losses of £13.2m on-year, following the termination of talks with potential target Arclin.

Wilmcote reported no revenue because it was still searching for acquisition targets.

'Since incorporation, the company has pursued a number of investment opportunities in line with its stated investment strategy and in doing so has incurred material third party transaction-related expenses,' Wilmcote said.

The company said it would need to raise the £6.5m because it no longer had sufficient financial resources to continue to execute its investment strategy.

Existing investors in the company would be able to subscribe for 31.199996 shares for every one existing share held.

Story provided by