CSF receives conditional offer for disposal of operating subsidiary

AIM-listed CSF confirmed on Friday that it has received a conditional offer letter in respect of the disposal of one of its operating subsidiaries.

The company, which has not accepted the offer, said the consideration received for the sale would be nominal, but the disposal would significantly improve its financial position due to the potential elimination of certain liabilities and the potential reduction of lease rental payments.

"The board is considering the terms of the offer letter. There can be no certainty that the offer letter will lead to a transaction, or the terms on which any transaction might be agreed, or its timing."

CSF released the statement in response to the surge in its share price, which had shot up 90% to 4.50p by 1410 BST.