Shares of Edinburgh funds platform Nucleus Financial Group fell about 10% on Tuesday following the announcement late on Monday by IntegraFin Holdings plc that it “does not intend to make an offer” for Nucleus.

The news leaves James Hay’s private equity backer Epiris LLP as the remaining potential bidder for Nucleus Financial out of a number of potential buyers announced on December 4.

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

In its stock exchange statement, IntegraFin Holdings added: “… IntegraFin reserves the right to announce or participate in an offer or possible offer for Nucleus, and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code, within six months after the date of this announcement … “