Tekmar Group PLC (AIM:TGP) dropped 15% on an update on the progress of a possible sale, strategic review and cash injection by a “global institutional investor”.
Shares in the offshore technology firm fell from 17p to 14.3p as it said the potential investor’s exclusivity period had been extended for 14 days, on top of the original 60-day period granted in mid-November.
There is an option to lengthen this again as it completes a review of the company and finalises its proposal.
According to Tekmar, the potential investment from the energy sector firm would secure funding for its “ambitious” growth plans but would not be a takeover and comprise new capital based on its November share price of around 9p.
It had announced a deal was in the works in June last year and cautioned again there was no guarantee yet that a proposal would be made.
The slump in Tekmar’s shares follows a 30% surge just last week after it announced it had secured new contracts for an offshore project in the Middle East.