Thruvision terminates formal sale process

(Sharecast News) - Thruvision Group announced on Monday that it has terminated its formal sale process after concluding there was no realistic prospect of receiving an offer for the company's issued share capital.

The AIM-traded security technology company firm said the decision came as part of its ongoing strategic review, which remains active, with other options still under consideration.

It said it was continuing to explore a potential sale of its trading subsidiaries, with discussions ongoing with an interested party.

However, the board cautioned that there is no certainty that a satisfactory agreement will be reached.

Other options being considered included the sale of trade and assets, a merger with a similar business, or continuing as a standalone company - subject to securing additional funding.

Thruvision said trading so far this financial year had been solid, keeping the standalone option viable for the time being.

The company also provided an update on its cash position.

It said that following stronger recent trading and pending orders expected to close in July, it now anticipated that its cash resources should last until the end of September.

Without the additional sales, the company estimated funding would be sufficient only until the end of July.

A further trading update was expected in July following the close of the first quarter.

At 1132 BST, shares in Thruvision were down 2.94% at 0.83p.

Reporting by Josh White for Sharecast.com.