17th Dec 2015 09:59
LONDON (Alliance News) - Shares in Concha PLC plummeted over 60% Thursday morning after it announced that it has opted to terminate talks for a potential investment.
The company said that during the course of the week, after further talks with the target investee company, it met to discuss the "status and complexity of the proposed transaction as well as the likely timescale for the completion of any transaction".
It was agreed that it was in both parties interests to terminate talks immediately. Concha's board said it was "disappointed" not to have been able to complete the investment, but it is confident this was in the best interest of shareholders.
Concha noted that whilst it was true it had been focused on this specific opportunity, it has and will continue to assess a number of other potential investment opportunities.
Concha's board said it is "clearly aware" of recent volatility in its share price, and noted that its market capitalisation "remains significantly higher than its net asset position".
The company will release its results for the year to end-June on next Tuesday.
Shares in Concha were down 52% at 1.25 pence Thursday morning, having struck a new 52-week low of 0.90p earlier.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
Concha