White Star's losses narrow; disposals planned

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    Date: Tuesday 08 Jul 2008

    LONDON (ShareCast) - Shares in penny stock White Star Property resumed trading sharply higher after the company unveiled reduced losses at the interim stage and plans to reshape the business..

    In the six months to 31 March 2008, the company’s pre-tax loss narrowed to £0.11m from £0.64m a year earlier. Revenue for the period was £0.7m, compared with zero revenue previously.

    The company plans to dispose of the majority of the company’s remaining assets, subject to shareholder approval, and fundamentally change the nature of the business.

    “I believe that, after considerable time and work, your directors have stabilised the company such that it is now within a step or two of being in a position to contemplate the seeking of a transaction which could go some way to restoring shareholder value,” said chairman, Brian Basham.

    The listing of the company’s shares was restored after the company belatedly posted its audited accounts for the year ended 30 September 2007.

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