Checkit says it will not entertain takeover proposals below 30p a share as its board looks to wrap up the formal sale process around its interim results.

Checkit has named EC M&A as Joint Financial Adviser to manage discussions with interested parties in its Formal Sale Process and warned there is no certainty an offer will follow.

Potential acquirers have shown "credible interest" in the formal sale process it launched on 26 March, with talks continuing ahead of the company's AGM today.

Checkit delivered Adjusted EBITDA of £0.3m for the year to 31 January after a £4m cost‑save, with net cash of £3m, and the board has launched a Formal Sale Process.

Checkit said it has started a Formal Sale Process after six unsolicited expressions of interest.