MaxRets Ventures PLC (AQSE:MAX) told investors it remains confident it will deliver a transformative acquisition or business combination in the current financial year.
It comes as the investment company today released results for its financial year ended 31 October 2023.
The company detailed that it considered a number of investments in the year, and two of which were progressed in due diligence, though it has yet to find suitably attractive businesses in the target sectors.
“The board has a wide experience in venture, pre-IPO and private equity investing,” MaxRets said in the statement.
“Between them they have grown a number of businesses through to sale and to listing on public markets in sectors that include technology, retail, real estate, and life sciences.
“The intention is to add an advisory board to the company to enhance knowledge in specific business areas based on the next investments made.”
It added: “The company is likely to raise additional capital in due course in connection with any transaction.”
In terms of financials, the London-based firm reported an operating loss of £484,000 and a pre-tax loss of £478,000 for the year.
The company's legacy investments in the Cannabis sector, specifically in Clearly Brands Limited and Voyager Life, endured challenges, leading to a full write-down of the investment in Voyager following unsuccessful fundraising efforts and continued losses.
MaxRet’s stated investment strategy seeks out potential investments across four sectors - life sciences, fintech, impact investing (environmental and renewables) and retail.