6th Jan 2021 11:47
(Alliance News) - Microsaic Systems PLC on Wednesday acknowledged its recent share price increase and said it was not required to disclose any new information.
The company's shares were down 12% on Wednesday at 0.28 pence, having risen 65% on Tuesday compared to Monday.
On December 22, Microsaic's shares fell 61% to 0.15 pence from 0.38p December 18 as it announced the appointment of KRE Corporate Recovery Ltd to explore options maximising creditor and shareholder value due to the conclusion of a formal sale process without securing an offer.
If KRE fails to find a solution that generates enough value, the company will be forced to appoint a liquidator to wind-up its affairs.
Microsaic said there was no new information required to be disclosed since the December announcement of KRE's appointment.
"As stated in that announcement, there can be no certainty of any transaction being concluded nor as to the terms on which any form of transaction would occur," said Microsaic on Wednesday.
By Anna Farley; [email protected]
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