Noni B announced in May its independent directors were discussing strategic alternatives for the company's structure with 40 per cent shareholder the Kindl family. Those talks were continuing but it is believed a third party has flagged an interest in taking a large stake in the group, throwing the doors open to a possible privatisation of Noni B either at the hands of the Kindls or the as yet unknown second suitor.

It comes at a tough time for Noni B with the clothing chain's shares at 45¢, an all-time low for the stock that first listed on the Australian Securities Exchange in 2000. At their peak, Noni B shares were trading hands at close to $5 a share.

The company's market capitalisation at its record low share price is only $14.4 million.

Last week, Noni B posted an after-tax full-year loss of $7.8 million, in line with its profit warning to the market earlier this year when it blamed the consumer fallout from the tough federal budget, as well as the unseasonably warm weather, for a dive in sales. Sales for fiscal 2014 fell 7.7 per cent to $112.1 million.

Founded in 1977 by Alan Kindl, Noni B's joint managing directors are twins David and James Kindl. Alan Kindl sits on the board.

According to the most recent annual report, the twins both own 10.91 per cent of the company, while their parents, Alan and Betty, own about 18 per cent.

However, a family agreement, cemented before the listing, means stock owned by Alan, Betty and their children must be offered to other family members before being sold outside the Kindl clan.