Further business sell-off as UK's Provalis opts for liquidation
Deeside, UK-based health care group Provalis saw its share price nosedive from 75 pence to 32 pence on August 7, after the company announced a further asset disposal and its decision to go into voluntary liquidation.
Provalis has asked its shareholders to approve the sale of its remaining business in diabetes testing for L1.6 million ($3.1 million) to Bio-Metric, a UK affiliate of the US firm Bio-Rad Laboratories. It intends to return L1.4 million to shareholders and cancel its share listing after going into voluntary liquidation. Its main investors include Erik Penser, a private Swedish subscriber, and bankers Schroders and Barclays, according to a report in The Independent newspaper.
Ongoing financial problems
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