Evocutis shares plunge as sale process is terminated

2nd Oct 2013 08:27

Evocutis, an AIM-listed company focused on evaluations of skincare products, said Wednesday that it was no longer in discussions with potential offers in relation to a merger or a sale. As such, it has terminated its formal sale process with immediate effect. The firm said that as a result of the formal sale process it has been able to approach a number of parties on a confidential basis, which has led to "a number of potential strategic alliances" being identified. "The board continues to review these opportunities to derive value from the company's Labskin technology and is in talks with interested parties with a view to establishing potential strategic and trading relationships," it added. The group also said its net assets currently total less than half its called up share capital, and as such would convene a general meeting to discuss whether any steps should be taken in response. The share price fell by just over a third in early trade. NR