(Sharecast News) - MJ Hudson said on Monday that it was evaluating several indications of interest in one or a number of its business lines, as it announced the appointment of an interim chief financial officer.
The company, which provides services to the asset management industry, has engaged advisers Alvarez & Marsal to look at a potential sale of one or a number of its business lines.
"In addition to demonstrating the value within MJ Hudson's operating businesses, the board believes that such transactions would provide the best opportunity to strengthen the group's balance sheet by reducing its debt and to ensure that it has adequate working capital in the medium term," it said.
MJ Hudson said trading in all the divisions continues, although the latter part of last year saw a slowing of fundraising activity and general transaction work for its clients, resulting in lower activity for the related business units.
"The board is looking at areas to reduce costs as well as measures to strengthen the balance sheet and improve the free cash position," it said.
"To this end, the company has appointed an experienced interim chief financial officer, Ran Oren, to run this process, assess restructuring opportunities and to work closely with its key stakeholders, including its senior lender."
The company's shares were suspended from trading on 12 December and it said on Monday that it continues work to achieve the necessary clarity on its full year 2022 financials. It also announced at the time that chief financial officer Peter Connell, who stood down as a director at the end of October, had been suspended.
