ADVFN plc (LON:AFN), a global stocks, shares and crypto information website providing financial tools and data to private investors, announces that its Board has concluded its strategic review of the company’s options. Accordingly the Board has ended the “formal sale process” of the company which it had commenced previously.
ADVFN 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 ADVFN to terminate that process.
ADVFN 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.