- Chemicals company investor Wilmcote said talks with potential acquisition target Arclin had been cancelled by mutual agreement and that it was talking to shareholders about potential funding options.

Wilmcote said it had incurred 'material' third-party expenses in connection with the failed deal.

It estimated that it would have around £0.9m in residual cash reserves following the settlement of negotiated transaction-related expenses, including VAT refunds.

'Wilmcote intends to hold discussions with shareholders regarding the potential further capitalisation of the company to fund future operating expenses and due diligence to continue to pursue acquisition opportunities in the specialty chemicals sector,' the company said.

'A further announcement will be made following the conclusion of these discussions.'

Wilmcote's shares would recommence trading with immediate effect.

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