Pebble Beach Systems Group PLC (LON:PEB) has abandoned plans for the sale of its business and has gone back to its banks to discuss a re-financing package.
The news was accompanied with warnings of both lower revenues and orders this year, plus a potential US$1.75mln shortfall stemming from its dispute over the sale of its hardware division VCS with buyer xG Technology.
None of the proposed offers received during its strategic review matched the board’s estimation of the company’s value, said the broadcast equipment supplier.
Founder Ian Cockett quits as Chief Technology Officer
Pebble Beach added it was confident it can reach an agreement with its bank over a refinance package. It will also appoint new executive directors from internal candidates.
Below board level, Ian Cockett, a founder of Pebble Beach Systems, acquired in 2014 and that forms the ongoing business, has resigned as the group’s chief technology officer.
Shares fell 14% to 1.4p.