Shares of Edinburgh funds platform Nucleus Financial Group soared almost 40% on Wednesday afternoon after it confirmed it has received separate proposals regarding possible offers to take over the company.

Nucleus shares rose almost 40% to around 184p to give the firm a stock market value of roughly £140 million.

Nucleus Financial’s major shareholder is Sanlam Investments of South Africa.

In a stock exchange statement, Nucleus said: “The company notes the recent press speculation and confirms that it has received separate proposals from Integrafin Holdings plc and Epiris LLP in conjunction with its associate James Hay Partnership Management Limited … regarding possible cash offers for the entire issued and to be issued ordinary share capital of Nucleus.

“The company is also in preliminary discussions with Aquiline Capital Partners LLC and Allfunds (UK) Limited regarding potential offers for the company.

“Discussions between Nucleus and the respective parties are ongoing.

“Nucleus understands that Sanlam UK Limited, which owns approximately 52 per cent. of Nucleus’s issued share capital, is supportive of the Nucleus Board engaging in potential offer discussions and the company intends to work constructively with Sanlam UK Limited to ensure that the interests of all shareholders are properly considered.

“There can be no certainty that any offer for Nucleus will be made, nor as to the terms on which any offer might be made. 

“This is an announcement falling under Rule 2.4 of the Code and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code. 

“The Panel has confirmed that no deadline pursuant to Rule 2.6(a) of the Takeover Code will currently apply as a result of this announcement.

“As a consequence of this announcement, an ‘Offer Period’ has now commenced in respect of the company in accordance with the rules of the Code.”