Totally warns shares could be worthless

(Sharecast News) - Totally shares tanked on Friday as the healthcare and wellbeing services provider said its shares could end up being worthless. The AIM-listed company - which announced earlier this month that it was launching a strategic review of its options - said it had received a number of offers for its subsidiaries.

It said the board of directors was considering the offers and will provide further updates as appropriate.

The purpose of the strategic review was to strengthen the company's balance sheet to meet liabilities over the coming months.

Totally said it has now concluded that the disposals of the subsidiaries are "the only realistic route for the group to fund these liabilities in the required timeframe".

"The board expects to conclude the sale of the business or parts of the business before the group requires further funding," it said.

"The potential proceeds however, in the directors opinion, are unlikely to be sufficient to meet all future liabilities meaning there could be no value in the ordinary shares of the company or any likely return to shareholders."

At 09120 BST, the shares were 74% lower at 0.37p.