Opera Investments turns small profit in first half of 2016

Opera investments turned a small profit for the six months of the year as it recovered the due diligence expenses linked to its failed attempt to acquire SoloPower Systems from Hudson Clear Energy.

The company recovered £219,015, resulting in £67,051 of profits before tax even after administrative costs rose to £151,964 for the six months to 30 June from £26,823 over the period running between 11 November 2014 to 30 June 2015.

That return of the costs incurred by Opera came after SoloPower, a manufacturer of photovoltaic panels, decided not to pursue a listing in London.

After period end, on 11 July 2016, Opera’s directors announced that an agreement with Highlands Natural Resources, for the purchase of Highlands Helium Development, had been terminated because it did not fit the investment criteria of Opera.

Opera did not incur in any material due diligence costs relating to that potential transaction, the company said in a statement.

“We are determined to deliver value for our shareholders and reiterate that we will only proceed and commit the Company's cash resources to the investigation of a potential acquisition on the identification of a compelling transaction,” Opera said.

Cash on hand as of 30 June 2016 stood at £716,446 versus £1,080,720 as of 30 June 2015.

As of 15:33 BST shares in Opera were unchanged at 5.38p.