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Microsaic Systems fails to attract bids; flirts with administration
StockMarketWire.com
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Analytical equipment manufacturer Microsaic Systems said a formal sale process had concluded without it securing any definitive offer for the company and that it may have to appoint administrators.
Microsaic Systems said it had now hired KRE Corporate Recovery 'to explore other remaining options to maximise value for creditors and potentially other stakeholders'.
The company said it had received approaches from a large number of parties, but it became clear they were fazed by the impact of the pandemic on their own business and the amount of investment required for Microsaic.
The process run by KRE to offer the business and assets of the company was expected to run until around the end of January.
Microsaic Systems said that 'based on facts presently known' it believed it had sufficient cash to make essential, ongoing payments falling due during that period.
'It is possible (but not certain) that a sale of the company's business and assets may be effected following the appointment of an administrator,' it added.
'In the event that KRE identifies that the sale of the company's business and assets is unlikely to generate incremental value for creditors or other stakeholders, the board would have to initiate steps to appoint a liquidator to wind-up the company's affairs.'
At 8:50am: (LON:MSYS) Microsaic Systems PLC share price was 0p at 0.48p
Story provided by StockMarketWire.com
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