Bethunes Investments narrowed its first-half loss after benefitting from a break fee when Westgate Power Centre-subsidiary NZ Retail Property Group terminated a proposed reverse listing transaction.
Auckland-based Bethunes said its net loss shrank to $9,473, or 0.01 cents per share, in the six months ended September 30 from a loss of $111,962, or 0.1 cents, a year earlier.
The $75,000 break fee bolstered revenue after the real estate investor decided it wasn't a good time to raise capital. The stock last traded at 1.8 cents.
The company reiterated plans to acquire New Plymouth-based freight and logistics group Transport Investments Ltd for $200 million in a reverse listing.
It said it expects to release all documents related to the transaction, including an independent appraisal report by Grant Samuel, to the market and shareholders later this month, with a shareholder meeting scheduled for early December.