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(Sharecast News) - Revolution Bars Group shares were sinking on Tuesday morning, after the company issued an update on the formal sale process, first announced on 10 April.
The AIM-traded firm said that following the start of the process, 42 parties were invited to participate, of which 32 agreed to partake.
However, as of the last announcement on 7 May, the first phase of the formal sale and M&A process had not yielded any proposals for the acquisition of the company's entire share capital, or the acquisition of its assets as a whole via a single transaction.
During the process, the group received proposals related to certain assets, including subsidiaries and their businesses and assets.
However, none of the proposals, individually or collectively, would cause a financial return to shareholders.
The board said it was actively exploring the formal sale and M&A process alongside other strategic options, including a fundraising conditional on the successful implementation of a restructuring plan by Revolution Bars.
Revolution's directors said the proposed restructuring plan, if sanctioned by the court, would preserve value for current shareholders, although with a dilutive effect on those who not participating pro rata to their current shareholdings.
Approval of the fundraising by shareholders at a general meeting would facilitate progress with the restructuring plan, but would not restrict the directors from considering superior alternatives.
The directors said they remained open to any proposal from Nightcap plc as well.
At 0921 BST, shares in Revolution Bars Group were down 17.53% at 1.4p.
Reporting by Josh White for Sharecast.com.
