British group plans 'fundamental review' of its business.
The Sanctuary Group's board today (Sept. 26) has "decided to withdraw" from all remaining discussions with third parties who had previously expressed an interest in the company.
The board said in a statement that the decision was made "following a review of the discussions to date regarding a possible offer for the company."
Sanctuary did not disclose the identity of the third parties.
The company added that following its Sept. 21 profit warning announcement, it is currently finalizing "a fundamental review of the business."
Sanctuary added that it intended to make "further additional and substantial annualized costs savings" to be implemented by the financial year-end.
Sanctuary Group executive chairman Andy Taylor said, "As I stated last week, I am totally focused on repairing the short-term damage to what is fundamentally a robust business. We will be restructuring our business and supporting our artists throughout."
Taylor added that the board's goal was to "steer the company, which has an extremely strong roster of artists, and a strong 30-year track record, back to a profitable trading position and back to sustainable long term growth."
On London's stock market today, Sanctuary Group's shares closed at 6.63p ($0.117), down 1.3p ($0.023) or 16.4%.