“I believe the business as it exists today is worth £80 to £100m. When you have a business with a market cap of £15m, there are things you can't do, you can't go and make acquisitions because they will impact on the other shareholders whether you issue shares to raise cash or whether you provide shares to the target.
“You just can't go down those roads so it's more challenging to find a transaction.”
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sonia.rach@ft.com
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