10th Nov 2014 13:37
LONDON (Alliance News) - Worthington Group PLC on Monday said it is making progress in negotiations to make new acquisitions and said any associated fundraising would be at a premium to its share price prior to its suspension.
Worthington shares were suspended in October after the company said it would have to consult with the Financial Conduct Authority on whether any of its recent details, or those it is considering making, would constitute a reverse takeover.
The group said it was closing in on new investments and said any fundraising associated to the acquisitions would be made at a premium to its pre-suspension share price of 87 pence.
Worthington did not provide any other financial details nor any information on the nature of the investments it is progressing with.
"We are confident that the transactions under negotiation will not only radically enhance the company's prospects but, in terms of scale, allow the company to acquire and finance even larger, earnings enhancing and growth accelerating, investments over the coming year," said Worthington Chief Executive Officer Doug Ware.
By Sam Unsted; [email protected]; @SamUAtAlliance
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