It said that the offer from Nightcap was unworkable, given the time constraints, costs and legal, procedural and execution issues involved.
Revolution said without better offers, the best option to save the business is for shareholders to back its upcoming £12.5million emergency fundraising and cost-cutting plan.
“Following legal advice, the board has concluded that the Nightcap proposal is incapable of being delivered,” the company said in a statement.
“There were a number of challenges to the delivery of the Nightcap proposal, which was a highly conditional proposal.”
This story is from the May 29, 2024 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 29, 2024 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Sulemana sizzles to come in from cold
KAMALDEEN SULEMANA and Tyler Dibling lit up a freezing night for Southampton to hand new manager Ivan Juric his first win.
ANGE HAPPY TO TAKE LONG WAY
ANGE POSTECOGLOU said Tottenham's two-hour cup slog will not affect their north London derby plans.
Phillips 'shows quality' in Ipswich win
KIERAN MCKENNA believes Calvin Phillips is \"making good steps\" during his loan at Ipswich after he scored his first goal for over a year.
Woodman takes pride in defeat
BROMLEY manager Andy Woodman saw his underdogs give Newcastle a fright and said: \"I didn't think I'd enjoy myself as much as I did.\"
Whittaker believes Pilgrims can make some progress now
MORGAN Whittaker is hoping Plymouth's unlikely FA Cup win can be the springboard for a Championship survival mission.
TOON BRING BRAVE BROMLEY TO BOOK
Congreve lives the dream before Ravens shot down
Pep unveils brand-new models off conveyor belt
NO WALKER BUT CITY'S KIDS OFF AND RUNNING
I'LL LUKE AND LEARN
Raducanu reveals respect for dart's young sensation
Heat is on after not so mighty Quins are swept aside
HARLEQUINS endured a chastening afternoon on the Cote d'Azur, with a 33-21 defeat by Toulon leaving them uncertain of qualifying for the Champions Cup knockout phase.
VAN GRAAN EYES IRISH SHOWDOWN
JOHANN VAN GRAAN says it is \"all to play for\" after Bath put themselves firmly in the mix for a Champions Cup last-16 place.
