Tekmar Group PLC on Thursday said it has received an investment proposal from a global investor for providing funding for its growth plans.
The Darlington, England-based technology and services firm initiated a strategic review in June to seek a partner to grow the company both organically and by acquisition, as well as to provide ‘additional balance sheet strength’.
A formal sales process was one option under review, Tekmar noted.
The potential investor is in the energy sector and has been granted a 60-day period of exclusivity to carry out further due diligence and finalise its proposal.
Tekmar said the proposal would represent new capital investment at or around the current share price, rather than an offer being made for its shares. The investment will allow Tekmar to retain its admission to trading on AIM.
The company’s Chief Financial Officer, Derek Bulmer, will step down from his role on December 1, having accepted another role outside Tekmar. Bulmer will resign from his director position on March 31 but will continue as a non-executive director to hand over and support Tekmar’s strategic review.
Group Finance Director Leanne Wilkinson will become interim CFO.
Tekmar shares ended up 2.7% to 9.50 pence on Thursday afternoon in London.
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