ADVFN receives proposal from overseas investor for minority investment
ADVFN plc (LON:AFN), a global stocks, shares and crypto information website providing financial tools and data to private investors, today announces an approach by an overseas investor for a minority investment.
ADVFN Board has 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.
Earlier in February, ADVFN said 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.