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Marwyn Investment Management LLP on Wednesday said it has terminated discussions with Unbound Group PLC, as manager of Marwyn Value Investors II LP.
It stopped talks regarding a £10 million investment via equity placing, at an issue price of 10.5% per share.
This followed the receipt of revised historical and forecast financial information from Unbound’s management. Unbound shares collapsed by 53% at 3.42 pence on Wednesday in London.
Unbound initially revealed the planned investment on April 12, and spent the subsequent period progressing preparations for the fundraise.
Unbound told investors on Wednesday that the trading environment over the first quarter of 2023 has been more difficult than expected. Looking ahead, it said it was focused on managing tight cash flows and maintaining dialogue with key banking partners.
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