TIDMAFN

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 
  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

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 or visit 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.

END

UPDBRGDDIUDDGDD

(END) Dow Jones Newswires

February 23, 2022 02:00 ET (07:00 GMT)

Advfn (LSE:AFN)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Advfn Charts.
Advfn (LSE:AFN)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Advfn Charts.