GlobalCapital plc issued its Interim Directors’ Statement on 19 May where the Directors explained that the disruption of the global financial markets which persisted during the first few months of 2008 had an adverse effect on the Group’s portfolio of financial investments. Moreover the poor investment climate resulted in a decrease in operating performance of the Group’s main divisions when compared to the same period in 2007.
On the other hand the Group announced that the agency and brokerage divisions have shown positive trends when compared to the previous year. The Directors confirmed that the Group’s financial stability remains sound.
In the Interim Statement GlobalCapital stated that the due diligence exercise for the acquisition of an 85.5% shareholding of Mediterranean Bank plc is currently underway. This acquisition is also subject to the necessary regulatory approvals.