Tekmar Group PLC, AIM:TGP, dropped 15% due to an update on the status of a possible sale and strategic review as well as cash injections by a global institutional investor.
The shares in the offshore technology company fell from 17p down to 14.3p after it announced that the exclusivity period for potential investors had been extended by 14 days on top of the initial 60-day period in mid-November.
This can be extended once the company has completed a review and submitted its final proposal.
According to Tekmar the potential investment by the energy sector company would secure funding for its “ambitious growth plans” but it would not be a takeover. It would instead include new capital based upon its November share price around 9p.
It had previously announced that a deal was in place in June 2013 and warned again that there was no guarantee that it would be done.
The share price slump at Tekmar follows a 30% increase in shares just last week, when it announced that it had secured new contracts in the Middle East for an offshore project.