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(Alliance News) - ADVFN PLC shares jumped near 20% on Thursday morning, before giving back some of that gain, after it announced it will begin a formal process to sell the company.
ADVFN shares were up 10% to 77.00 pence each in London on Thursday morning, having hit an intraday high of 83.00p. The company has a market capitalisation of about GBP21 million.
The London-based company, which operates financial information websites for private investors, is considering the potential sale of the company. It will begin a formal sales process as part of a strategic review, which was unanimously approved by the board.
The review was prompted by a desire to explore new options to deliver value to shareholders, ADVFN said.
The company cited the "currently tightly held and illiquid nature" of its ordinary shares as an obstacle to a fair valuation, and alluded to the potential for conflict amongst its shareholders.
"The board is concerned that control may be being sought by long-standing group of shareholders whose total interests may not be aligned with shareholders as a whole," the company said.
ADVFN does anticipate the need for any new funding, as it is currently generating cash. "The strategic review is therefore solely aimed at creating and/or realising shareholder value," it said.
ADVFN is not currently in any discussions for an acquisition offer, it confirmed.
Beaumont Cornish Ltd and Throgmorton Street Capital have been appointed as financial advisers.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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