In today's column, I am focusing on another special situation that's in play, too, and one where the end game could be reached by the time the board issues a pre-close trading update in mid-January. The company is Bioquell (BQE:137p), a provider of specialist microbiological control technologies to the international healthcare, life science and defence markets.
I first spotted the potential in the shares after the company announced it was selling off its specialist testing services subsidiary, TRaC ('Bug busting potential', 20 April 2015). At the time the share price was 124p. When that disposal completed in May the board said that it had decided to initiate a strategic review of its retained biocontamination control technology products business. A business combination, joint venture, a distribution deal, or a co-promotion agreement, are all being considered as is an outright sale of the company. In the meantime the planned return of a large chunk of the cash proceeds back to shareholders has been put on hold. The share price has flatlined for the past few months as investors await news.