Cosalt shareholders who oppose chairman David Ross’s plan to take the company private claim they are close to being able to block the move.
Mr Ross, who needs 75% of shareholders to support his proposal, is expected to call an extraordinary meeting in the coming weeks.
A group of small investors who think Cosalt should remain a public company are said to have received pledges for more than 24% of the firm’s shares.
Meanwhile, Cosalt said yesterday it was not aware of any reason for recent sharp price rises for its shares.
A spokesman for the group of investors opposed to Mr Ross’s plans said around 200 individual shareholders had offered up their stake in the business and he was confident more than 25% of investors would do so before the extraordinary meeting.
Cosalt’s shares closed up 130% at 0.85p on Tuesday and they more than doubled again yesterday, reaching a peak of 2.24p before falling back to 1.43p.
A statement by Cosalt said: “The directors continue to manage the business in line with their strategy and the group continues to require and to have the support of its major shareholder (Mr Ross).”