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  • BY: Andrew Hore |
  • POSTED: 31/12/2008 |

Bioganix remains in talks with one potential bidder but trading is still difficult.

A number of parties have been interested but there is only one left in the running. The potential bidder may acquire the whole company or just its business. There is no certainty that a deal will be concluded. If it is not then Bioganix will be short of cash. 

The waste treatment plant operator says revenues are lower than anticipated. This means that Bioganix is using all of its available bank facilities and is talking to its bank about an extension which will keep the business going until the bid talks are concluded.

Advance payments for waste processing - including ones from the potential bidder - are financing the short-term cash needs of the business.

At 5.5p a share, Bioganix is valued at £450,000.

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