LONDON (AFX) - Investing company Multimedia Television PLC swung into a loss
at the halfway stage mainly as a result of the fall in the share price of
Yoomedia PLC.
For the six months to Oct 31 2005, the company posted a pretax loss of
308,353 stg against a profit of 309,691 stg a year earlier.
"Despite the company's current classification as a 'passive investing
company', it is our firm intention to return to being a trading company, as we
do not believe that we would be able to provide sufficient returns to our
shareholders through our investments alone," the company said.
"The directors therefore propose to hold an Extraordinary General Meeting
early in the New Year to obtain formal shareholder approval to adopt the
strategy of being a trading company."
It added: "It is possible that the company could make more than one
acquisition and in doing this we would look to organisations that could provide
revenue streams that complement our existing ones and where technical
consolidation could provide significant cost savings.
"We are pleased to announce that we are already in detailed discussions with
a company that meets these criteria and one that we passionately believe will
ensure that the company will reach profitability and is better positioned to
take advantage of the revenues possible in the Digital TV and mobile sector."
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