Small-cap business-to-business media company Bonhill Group PLC (LSE:BONH) was up 30% on Friday morning following an update on its strategic review.
After initiating a sale process on 2 November, Bonhill has received a conditional offer of £6.6mln in cash from a privately owned UK media company for the assets and trade of its UK and Asia businesses which, subject to the completion of satisfactory due diligence, is expected to complete in January 2023.
Full-year guidance has been revised down, with EBITDA losses of £1.3mln now expected as opposed to losses of £600,000 called in November.
Bonhill shares were changing hands at 7.44p with a market capitalisation of £8.9mln as of 9.30am.