REG - ADVFN PLC - Corporate Update

ADVFNAnnouncement

23/02/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220223:nRSW4835Ca&default-theme=true

RNS Number : 4835C  ADVFN PLC  23 February 2022

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                                                  +44 20 3868 670203

 Clem Chambers

 Beaumont Cornish Limited (Nominated Adviser)

 www.beaumontcornish.com (http://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 (http://www.ADVFNPLC.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBRGDDIUDDGDD