Last checked at 8 Feb 2022 10:54
8 February 2022
ADVFN plc
("ADVFN" or the "Company")
Result of Strategic Review and End of Formal Sale Process
The Board of ADVFN plc (the "Board") announces that it has now concluded its strategic review of the Company's options and accordingly, as explained below, has 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. Accordingly, the Company is no longer in an offer period as defined by the Takeover Code.
Since the announcement of the strategic review and formal sale process by the Company on 13 January 2022, the Board has concluded that the Company should take advantage of the available options to grow its business offering and geographic reach through business partnerships and possible joint venture arrangements or acquisitions. The Board believes that these potential development opportunities would enable the Group to build value for all shareholders and that it is in the best interests of all stakeholders in the business to focus on these development opportunities. While there can be no certainty as to whether these opportunities can be consummated, having taken into account the uncertainty on the business, its partners and employees that an extended strategic review and formal sale process could have, the Board has determined that it is now in the best interests of all stakeholders in the Company to terminate that process.
As previously announced on 24 January 2022, the Company received a letter from Mr Yair Tauman in which Mr Yair Tauman has requested that the Company convene a general meeting under section 303 of the Companies Act, to consider proposed changes to the Board of the Company. The Company will act accordingly and will be making a further announcement in due course.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. 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 at www.advfnplc.com
For further information please contact:
ADVFN PLC Clem Chambers | +44 20 3868 670203 | |
Beaumont Cornish Limited (Nominated Adviser and Financial Adviser) www.beaumontcornish.com | ||
Roland Cornish/Michael Cornish
| +44 (0) 207 628 3396 | |
Throgmorton Street Capital (Broker and Financial Adviser) | ||
Shivantha Thambirajah
| +44 (0)203 0112 309
| |
Forward-looking Statements
This announcement contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature. All statements other than statements of historical fact are forward-looking statements. They are based on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of a date in the future or forward-looking words such as "plans", "expects", "is expected", "is subject to", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "targets", "aims", "projects" or words or terms of similar substance or the negative of those terms, as well as variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations or events that are beyond the Company's control.
Forward-looking statements include statements regarding the intentions, beliefs or current expectations of the Company concerning, without limitation, future revenues, economic performance, financial condition, and future prospects.
Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors may cause the actual results, performance or achievements of ADVFN to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Neither ADVFN nor any of its Directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.
Other than in accordance with its legal or regulatory obligations (including under the AIM Rules and the Disclosure Guidance and Transparency Rules), ADVFN is not under any obligation and ADVFN expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ENDS