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ADVFN PLC - London-based operator of financial information websites for private investors - Receives indicative proposal from an "overseas investor operating in a similar business segment" for a minority investment and business collaboration. The unnamed strategic investor would subscribe for new ADVFN shares for a 9.9% interest, and ADVFN would use the cash raised to fund the collaborative business development projects with the investor. The approach follows ADVFN's decision earlier this month to end the formal sales process it had launched back in January, saying it preferred to build value instead through partnerships and joint ventures.
ADVFN says it also is considering how to respond to the letter received from shareholder Yair Tauman in late January requesting a general meeting to vote on his proposal to remove Chief Executive Officer Clem Chambers from the board and to appoint Anthony Wollenberg, Amit Tauman and David Gold as directors. Says it is seeking information required for AIM compliance purposes from the proposed directors and will make a further announcement.
Current stock price: 73.00 pence, up 16% on Wednesday
12-month change: doubled from 33.50p
By Tom Waite; thomaslwaite@alliancenews.com
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