Tricorn Group PLC - UK-based manufacturer of pipes - Terminates formal sales process, coming to the conclusion that due to pressure on immediate working capital and cash constraints, company has decided to pursue a sale of Tricorn's trading operations and subsidiaries in order to secure the "best possible outcome".
Discussions are ongoing with further parties that could lead to indicative offers, however these offers would be conducted out of administration, leading to the consideration receivable by the company being unlikely to lead to any value for shareholders.
Shares have been suspended, pending clarification of its financial position.
Current stock price: 4.02 pence
Year-to-date change: down 36%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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