ADVFN scraps sale plan.


ADVFN has scrapped plans to sell itself in favour of expanding through partnerships or acquisitions of other businesses.

ADVFN

Source: Sharecast

The online financial data provider started exploring a sale on 13 January and said it was concerned a group of investors might seek to take control in a move not in all shareholders' interests. After achieving its first profit the company also said its assets might be of interest to potential buyers.

On Tuesday ADVFN said it had rethought its plans and would not now sell the business.

"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," ADVFN said.

ADVFN, led by Chief Executive Clem Chambers, said it would hold a shareholder meeting to consider board changes at the request of former director Yair Tauman, whose family owns 20.4% of the company. Tauman wants to remove Chambers and install Amit Tauman and corporate lawyers Anthony Wollenberg and David Gold, a Conservative peer, as directors.


ISIN: GB00BPT24C10
Exchange: London Stock Exchange
Sell:
11.00 p
Buy:
12.00 p
Change: -0.14 ( -1.24 %)
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs..

Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.