Lenders grant Aferian more time find a buyer

Lenders Barclays, Bank of Ireland and HSBC have agreed to a short-term extension of the company's secured facilities of $16.5 million from September 30 to November 30 to enable Aferian to explore both a sale of its Amino and 24i businesses and/or the company.

The borrowing could be extended beyond November 30 if talks are progressing but there is no guarantee that this will be the case. Aferian is not currently involved in active discussions with any potential buyer but the board has now invited expressions of interest.

The formal sale process is being managed by the Board, advised by Zeus Capital Limited in respect of their obligations under the Takeover Code.

Aferian plc has two operating divisions: 24i, which focuses on streaming video experiences, and Amino, which connects Pay TV to streaming services. Its two complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it.

The solutions are said to deliver modern TV and video experiences every day to millions of viewers globally, via a growing global customer base of over 500 service providers.

Headquartered in Cambridge, UK, the company has offices in San Francisco, Amsterdam, Helsinki, Copenhagen, Madrid, Porto, Brno and Hong Kong.