- Broadcaster and production company Cellcast said that it had decided to sell its main operating business to management.

The company said it would then seek an acquisition of a new business via a reverse takeover.

The decision came amid a gradual decline in the company's core business, Cellcast said.

Current proposals under consideration would see the business sold at a value below the market capitalisation of the company, as at the close of business on Friday.

'It is important to note that no terms have been agreed at this stage and there can be no guarantee that the discussions will lead to a firm offer from the proposed purchasers,' Cellcast said.

At 1:15pm: [LON:CLTV] Cellcast PLC share price was +0.18p at 0.7p

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