UPDATE 1-Plasmon reports approach, Q1 sales lag view

Sept 5 (Reuters) - Plasmon Plc (PLM.L: Quote, Profile, Research) on Friday confirmed it has had an approach from a U.S.-based technology private equity firm at an investment value of some $25 million, and said its first-quarter sales were about 20 percent below its expectations.

The British electronic data storage company said the approach was at a net price of at least 0.25 pence a share payable in cash at Friday's U.S. dollar exchange rate.

Plasmon said the investment value included an injection of new funds to enable completion of a major restructuring, and that a sale was the best viable option for the company given the absence of other financing options and its financial position.

On its trading performance, the company said it had cut its overall sales expectations for the year and had initiated a cost-cutting and financial restructuring programme.

The company said it required additional funding and had engaged in a process to secure finance within an appropriate timescale.

(Reporting by Srikanth Srinivasa in Bangalore)