PACSCo Limited Posts Interim Results and Announces Restoration to AIM Trading Following Disposal

PACSCo interim results: smaller loss, disposal progress, and AIM trading restored

PACSCo Limited has posted unaudited interim results for the six months to 30 September 2025 and expects its shares to be restored to trading on AIM at 7.30 a.m. on Tuesday 3 February 2026. The big picture: the Mozambique Agricultural Businesses were deconsolidated on 31 March 2025 following shareholder approval of their disposal to Chepstow Investments Limited, and the company is now effectively a shell awaiting the final regulatory approval in Mozambique.

There is good news on costs and a clean P&L, but the balance sheet is wafer-thin, with no cash at period end and a small equity deficit. This is now a deal story rather than an operating business.

Where the disposal stands and why it matters

Shareholders approved the sale of PACSCo’s Mozambique Agricultural Businesses on 31 March 2025. Control transferred to Chepstow at that date, so the businesses were deconsolidated and shown as discontinued in the comparatives.

Regulatory approvals: the Competition Regulatory Authority in Mozambique has approved the disposal. Approval from the Bank of Mozambique is still pending. Once received, the company says it will continue to be quoted on AIM as an AIM Rule 15 cash shell – in plain English, a listed vehicle without active trading operations, positioned to pursue a transaction.

For context, the 2025 accounts recorded a US$26.5 million loss on disposal, driven largely by the book value of net assets disposed (US$25.6 million) and the recycling of a foreign currency translation reserve (US$16.2 million), offset by Chepstow’s waiver of US$15.3 million of loans and other liabilities.

Profit and loss: a leaner continuing cost base

With the operating businesses gone, PACSCo’s continuing operations are minimal. The company reported a loss on continuing activities of US$137,000, down sharply from US$858,000 in the prior half. There was no finance cost in the half, compared with US$673,000 in the prior period, reflecting the absence of borrowings after the disposal.

Earnings per share on continuing activities were a loss of 0.19 US cents (HY-2025: 1.19 US cents). There were no discontinued losses in the current half because the Mozambique operations are no longer consolidated.

Balance sheet and cash: razor thin and worth watching

At 30 September 2025, total assets were just US$39,000, all of which were receivables. Cash and cash equivalents were nil. Trade and other payables were US$175,000, leaving net liabilities of US$136,000.

This is the crux for investors: the company has no cash buffer and a small equity deficit. The Board has prepared the accounts on a going concern basis and previously received an unqualified audit opinion for FY-2025 that highlighted going concern as a key audit matter. While trading is set to be restored, funding needs for any future transaction – or for working capital – are not disclosed.

Key numbers at a glance

Period	Six months to 30 September 2025 (unaudited)
Loss on continuing activities	US$137,000
EPS – continuing	(0.19) US cents
Total assets	US$39,000
Cash at period end	US$0
Trade and other payables	US$175,000
Net liabilities	US$136,000
Shares in issue (weighted average)	71,829,007
Disposal consideration (debt waived – FY-2025)	US$15,281,000
Loss on disposal (FY-2025)	US$26,531,000
CRA approval for disposal	Received
Bank of Mozambique approval	Pending
Restoration to AIM trading	Expected 7.30 a.m., 3 February 2026

AIM Rule 15 cash shell: what it means for PACSCo

Once the Bank of Mozambique signs off the disposal, PACSCo will be treated as an AIM Rule 15 cash shell. That typically means the strategic focus shifts to identifying and executing a transaction to create value, often via an acquisition significant enough to constitute a reverse takeover. The upside is optionality – a clean listed vehicle can be attractive to private businesses seeking a route to market.

The flipside is funding and execution risk. With no cash at period end and net liabilities of US$136,000, any deal process likely requires fresh capital. Timing and structure are not disclosed, so newsflow will matter.

Discontinued operations: why the prior year numbers look different

You will see prior period figures for “discontinued activities”. That’s an accounting label used when a business segment is being disposed of or has been disposed of. In PACSCo’s case, the Mozambique Agricultural Businesses generated US$4.84 million of revenue in the prior half (to 30 September 2024) but are no longer consolidated after 31 March 2025. Hence, current interim results show only corporate-level costs.

Restoration to trading on AIM: liquidity returns

Trading in PACSCo’s ordinary shares on AIM is expected to be restored at 7.30 a.m. on Tuesday 3 February 2026, following the publication of the FY-2025 Annual Report and these interims. For holders, that means liquidity returns and the market can begin to price the company’s post-disposal prospects.

Expect volatility. Shells can move sharply on small volumes and on any hint of deal activity or funding plans.

My take: a clean slate, but capital and catalyst needed

• Positives: continuing losses are low (US$137,000) and finance costs have vanished. Regulatory progress in Mozambique is clear with CRA approval in the bag. Trading resumption removes a key overhang.
• Negatives: no cash at period end and net liabilities of US$136,000. Completion of the disposal still depends on Bank of Mozambique approval. There is no disclosed funding plan or transaction timetable.

In short, PACSCo is now a listed shell awaiting a catalyst. If management secures final approval and lines up an accretive deal with appropriate funding, there is a path to rebuilding value. Until then, it is a high-risk, high-uncertainty situation driven by regulatory milestones and deal execution.

What to watch next

• Bank of Mozambique approval of the disposal.
• Any update on funding or working capital – not disclosed in this RNS.
• Announcements on potential acquisitions or a strategic transaction consistent with an AIM Rule 15 cash shell.
• Post-restoration share price and liquidity as the market digests the new shape of the company.

I will keep an eye on approvals and any hint of a transaction. For now, this is one for investors comfortable with shells and the binary nature of deal-driven stories.