After months of speculation, troubled e-commerce services group Actinic has confirmed it will return all its net assets, in cash, to shareholders over the coming months. Elliott Davis reports.

As of 31 March, techMARK-listed Actinic's (ACC) cash reserves stood at £10 million. But the precise amount to be returned to investors will depend upon the outcome of a proposed management buy-out, headed by chief executive Kevin Grumball.

Should this fail, the company will be wound down. Either way a decision is expected by 30 June.

The extent of Actinic's problems were reflected by figures for the year to September showing losses of £6.8 million (£3.5 million) on £1.5 million (£2 million) of revenues. Costs have been reduced dramatically since then, but non-executive chairman John Standen notes that the 'trading environment remains uncertain and sales are not currently showing signs of rising'.

Shares in Actinic fell a quarter of a penny to 5.25p on the day. In their glory days, they changed hands for as much as 270p.