Last checked at 23 Feb 2022 07:00
23 February 2022
For immediate release
ADVFN PLC
("ADVFN" or the "Company")
Corporate Update
As set out in the interim results announcement for the six months ended 31 December 2021 ("Period"), following the Period end the Board announced on 8 February 2022 that it had concluded its strategic review of the Company's options and had ended the "formal sale process" of the Company which it had commenced previously in accordance with Rules 2.4 and 2.6 of the Takeover Code. The Board concluded that the Company should take advantage of the available options to seek to grow its business offering and geographic reach through business partnerships and/or joint venture arrangements and/or acquisitions, and the Board concluded that these potential development opportunities would enable the Group to build value for all shareholders.
The Company announces that the Board has now received an indicative proposal regarding a minority investment and business collaboration by an overseas investor operating in a similar business segment to ADVFN. The proposal envisages the subscription by the investor for a 9.9% interest in ADVFN at or around the current market price, with the subscription monies to be used to fund collaborative business development projects with ADVFN. Shareholders should note that discussions with the investor are still at an early stage and there is no certainty that any final agreement will be concluded successfully.
In the meantime, the Board is considering how best to proceed in light of the proposed Board changes proposed by Mr Yair Tauman and is seeking the information required for AIM-compliance purposes from the directors proposed by Mr Yair Tauman to be put up for election. Further announcements will be made in due course.
Enquiries:
For further information please contact:
ADVFN PLC Clem Chambers | +44 20 3868 670203 | |
Beaumont Cornish Limited (Nominated Adviser) www.beaumontcornish.com | ||
Roland Cornish/Michael Cornish
| +44 (0) 207 628 3396 | |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Clem Chambers, Director.
A copy of this announcement is available on the Group's website: www.ADVFNPLC.com