SMALL CAP MOVERS: One Media iP’s golden hits hit all the right notes

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SMALL CAP MOVERS: One Media iP’s golden hits hit all the right notes

A multimedia IP and its catalog of golden alumni hit all the right notes this week, with its shares climbing 13% to 6.9p.

Annual revenue rose 10% and profit 11% to £4.4m impressed investors as its song rights portfolio (which now includes part of the Take That catalog) again proved that the old tracks are the best, even for today’s streaming listeners.

Michael Infante, Managing Director, said: “We have welcomed some top names to our stable, including some of Take That’s biggest hits through the acquisition of their producer’s royalties, as well as music from Kid Creole, Culture Club and, in our biggest acquisition yet, country music star Don Williams.

Big stars: One Media iP owns the rights to songs from some of Britain’s most famous musical groups, including Take That and Culture Club (pictured)

Pure gold mining was another shining star in the AIM market, climbing 51% to 16.4p as Sprott, one of Canada’s biggest mining investors, underlined its support.

The Canadian junior has set up a US$6 million credit facility with Sprott Private Resource Lending, with the financing house waiving any defaults under existing agreements.

As part of the arrangement, PureGold will undertake an equity financing for net proceeds of at least $5 million by May 15.

Chris Haubrich, chief financial officer, said the additional cash will contribute to “the positive momentum of the operational turnaround”.

This plan has already seen headcount and equipment reductions, while optimized underground development is expected to lead to a 30% reduction in costs in the second quarter

Somewhere else, Itaconixthe plant-based polymers company, climbed 22% to 5.2p after a positive update that trade was well ahead of the same period last year.

Volex also surged ahead, climbing 20% ​​to 286.6p as results from the supplier of power cables and electric vehicle chargers were expected to beat market expectations.

On the decline, Osirium Technologies fell sharply after reporting increased losses saying it will turn to the market to raise funds.

Shares fell 14% to 12p during the week, with operating losses falling from £2.87m to £3.23m.

The cloud-based cybersecurity software business saw full-year bookings at £1.6m as an uncertain economic environment hit customer sentiment.

Somewhere else, Oxford Biomedicine fell 13% to 567p after it announced it was halting production of its AstraZeneca vaccines.

Baron Oil shares fell 6% after the wild oil and gas exploration specialist said it would give up its license in Peru and leave the country.

According to a statement, it failed to meet four key requirements to gain access to the area and complete the project, including attracting a local operating partner and failing to receive a drilling permit.

Chief executive Andy Yeo said the company is making progress on its other projects which have good potential.

Across the broader market, the AIM All-Share Index was slightly weaker, down 0.41%, or four points, at 1,052 points over the past five days.

The FTSE 100, or simply Footsie, had a flat week, down 0.22%, or 16 points, at 7,564.

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