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(Sharecast News) - Shares in The Revel Collective plunged in early trading on Friday, after the embattled bars operator warned that any sale was unlikely to benefit shareholders.
It also announced that trading in the shares would shortly be suspended. As at 0815 GMT, the AIM-listed stock saw the last of its value wiped out, tumbling 34% to just 0.098p.
Rocked by weak economic conditions and soaring costs, the owner of Revolution, Revolucion de Cuba and Peach Pubs first put itself up for sale in October, In a brief update on Friday, it confirmed the formal sale process was ongoing.
Noting that it had engaged with a "significant" amount of potential acquirers, Revel said a "number of credible parties are actively engaged in diligence and discussions".
But it warned that the transactions currently being contemplated were "not expected to deliver any returns to shareholders".
It also acknowledged that there was no certainty about the timing of a potential deal, or if a sale would be agreed at all.
Revel also confirmed that due to the ongoing sale process, it would not be able conclude its annual audit and publish its annual report in time to meet AIM's reporting deadline of 28 December.
As a result, its shares will be suspended from 0730 GMT on 29 December, until the report is published.
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