Its shares dropped dropped 4.88% since yesterday to 78p, just short of half its peak value of 155p.
Graham Sherren, chairman and founder of the publishing firm, is thought to be close to appointing JP Morgan Cazenove to conduct the review.
Reports suggest that the firm will go private again following disappointment with the way the firm's share price has performed after floating four years ago at 100p.
On Friday, its shares were trading at 82p valuing it at £118m. Today, the slip in the company's share price values it at just £111.8m.
Last year, , which also owns Period Living, reported operating profits of £15.9m and revenues of £90.3m.
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