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Zamano close to selling PSMS business

It is speaking to a number of potential buyers, and said it is close to concluding a deal with a preferred party
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Deal nearly done - Zamano is speaking to a preferred bidder for the asset

Mobile messaging specialist Zamano PLC (LON:ZMNO) said it plans to sell its PSMS arm, its remaining business, as part of the winding down of the company.

It is speaking to a number of potential buyers, and said it is close to concluding a deal with a preferred party.

However the company cautioned any transaction is likely to be concluded for a “nominal consideration”.

READ: Zamano to wind up business and return cash to shareholders

“Zamano will also be required to make a cash contribution to the business to provide it with adequate working capital and in respect of potential liabilities that may arise following completion of the sale,” the market was told.

“Shareholders should note that there is no certainty that any transaction will be completed and any transaction will be subject to approval by the company's shareholders.”

In March, Zamano confirmed plans to wind down the existing lines of business to protect the cash on the balance sheet.

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