25th Feb 2022 14:17
(Alliance News) - Braveheart Investment Group PLC shares fell on Friday after the investor said that a sale of its wholly-owned portfolio company Paraytec Ltd at an "acceptable" price seems "unlikely."
Shares fell 11% at 15.06 pence each on Friday midday in London.
The Barnsley, England-based investor in small-and medium-sized businesses said the UK government's decision to "rapidly wind down" the testing and isolation requirements for UK citizens and travellers to the UK has abruptly changed the nature of the Covid-19 test market.
This, it explained, led to a slowing of discussions with the remaining potential buyers of Paraytec and its Covid-19 test.
Braveheart continued that it is now looking unlikely that it will be able to conclude a sale with one of the remaining parties at an acceptable price in the foreseeable future. The company did not specify an "acceptable" price.
The company explained that the remaining potential partners and potential buyers it is in discussions with are interested in both the Covid and sepsis applications of Paraytec. As a result, it recommended that Paraytec should focus on the development of the sepsis and bladder cancer applications for its technology. This, the company hoped, could lead to a potential buyer or partner emerging in "due course."
Braveheart noted that its remaining strategic investments are well-positioned for growth.
Going forward, the company said it will execute a dual strategy of building its value and engaging in discussions with potential buyers for Paraytec at the same time.
By Abby Amoakuh; [email protected]
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