atd30 Apr 2012 23:40
Human tissue services group Asterand saw its value go through the floor after it announced it had called off a sale of the business. Shares fell almost 40% after the firm said it had instead signed letters of intent to sell each of its two businesses, BioSeek and the non-BioSeek Tissue Based Solutions business, separately. This would then lead to a solvent liquidation of the group to return cash to shareholders, according to the company. "The board's current estimation, based on the letters of interest from the buyers and the current share price, is that the maximum payout to shareholders is unlikely to show a significant premium to the share price as of the close of business on 26 April 2012," Asterand said. To add to the bad news the firm announced pre-tax losses of $6.6m for 2011