Software group Smoove may be about to join the growing docket of small-caps ditching London AIM junior market in favour of a take-private approach.
Sky reported that the group, which has a market value of around £27mln, has received “several takeover approaches from unnamed suitors”.
In a written response to the takeover claims, Smoove confirmed that it is in early discussions with Australian electronic conveyancing platform PEXA Group Limited for a possible cash offer for the entire issued and to be issued ordinary share capital.
The board also confirmed that it is considering an alternative potential transaction proposed to it by a separate third party.
Smoove would join the ranks of Network International, John Wood Group, THG and large-cap veterinary company Dechra in pursuing a delisting from the London capital markets.
Smoove reported over £5.3mln in pre-tax losses in its 2022 full-year trading statement with a £3.9mln decrease in cash and cash equivalents.
Smoove shares were catapulted over 40% higher following the announcement.