News blog
York Pharma
- BY: Andrew Hore |
- POSTED: 31/03/2009 |
Shares in York Pharma have been suspended because it will not bring out its full year results by the end of March 2009.
The skin treatments developer is in bid talks with two potential bidders and does not have the funds to publish its figures for the year to September 2008.
One of the potential bidders is providing a secured revolving credit facility of up to £1m. This is repayable six months after the first cash draw down or 30 days after the potential offer discussions are ended. The lender can choose not to allow York to draw down cash if it wants to.
This will enable the company to continue trading.
At the suspension price of 3.25p, York is valued at £2m.
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