Aferian extends facilities, says asset sales talks ongoing

(Alliance News) - Aferian PLC shares plummeted on Friday, after it announced banking facility extensions, and said it is in "advanced discussions" regarding alternatives to its formal sale process.

The stock was down 22% at 0.35 pence on Friday afternoon in London, despite previously jumping to 0.80p after the market open.

The Cambridge, England-based business-to-business video streaming company, which launched the sales process in September, said it also continues to explore the possibility of selling one or more subsidiaries, or the business or assets of one or more of those subsidiaries, "or other funding solutions".

Aferian said that "positively, a number of credible parties are actively engaged in advanced discussions" in relation to such "alternative options", with the aim to "safeguard the group's trading operations".

However, it added that "some, but not all" of the options under discussion would cause it to realise materially less than the outstanding amount of its banking facilities.

Aferian also said it has agreed "a further short extension" with Barclays Bank, Bank of Ireland and HSBC of its USD16.5 million secured banking facilities' repayment date to March 20.

This enables it to "continue exploring both a sale of its Amino and 24i businesses and a sale of the company," Aferian said.

It previously entered short-term extensions in January, December, November and September, the most recent of which changed the repayment date to Friday.

By Emma Curzon, Alliance News reporter

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