RTO Limited has reported no business activities in the financial year ended March 31, 2025, as the board focused on identifying a potential acquisition for a reverse takeover (RTO) transaction.
The company said it has since restructured its secured bonds with its major shareholder, Blackwell Global Group.
This involved the capitalisation of $250,000 of debt into 62.5 million new shares and the forgiveness of the remaining $100,000.
As a result, RTO said it no longer has any liability to the shareholder.
The company said this development strengthens its balance sheet and makes it an attractive vehicle for a reverse takeover transaction.
It now has 10 million quoted ordinary shares on issue, following a share consolidation.
The board said it is actively seeking a suitable business opportunity for investment or acquisition through an RTO.
The consolidated financial statements are yet to be audited.
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