ADVFN has scrapped plans to sell itself in favour of expanding through partnerships or acquisitions of other businesses.
The online financial data provider started exploring a sale on 13 January and said it was concerned a group of investors might seek to take control in a move not in all shareholders’ interests. After achieving its first profit the company also said its assets might be of interest to potential buyers.
On Tuesday ADVFN said it had rethought its plan and would not now sell the business.
“The board has concluded that the company should take advantage of the available options to grow its business offering and geographic reach through business partnerships and possible joint venture arrangements or acquisitions,” ADVFN said.
ADVFN, led by Chief Executive Clem Chambers, said it would hold a shareholder meeting to consider board changes at the request of former director Yair Tauman, whose family owns 20.4% of the company. Tauman wants to remove Chambers and install Amit Tauman and corporate lawyers Anthony Wollenberg and David Gold, a Conservative peer, as directors.
