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MusicMagpie plc is a popular online marketplace to score a bargain on second-hand iPhones, PlayStations and whatever.
This week, it was musicMagpie’s turn to be the bargain when appliance group AO World plc offered just £10m for the business, which will remove musicMagpie from AIM.
AO World’s offer represents a mere fraction of musicMagpie’s £208m market capitalization when it floated in 2021.
musicMagpie was founded in Stockport in 2007 by Steve Oliver and Walter Gleeson, who reportedly raised £22.1 million from the IPO.
A profit warning in June appeared to irreparably undermine confidence in the stock, which by the end of August had hit a low of 5.25p.
Entrepreneurs: AO World founder John Roberts (left) and MusicMagpie co-founder Steve Oliver (right). AO World has agreed to buy MusciMagpie in a £10m deal
Given AO World’s 9.07 pence per share bid, the shares rose more than 55 per cent this week to close the bid gap.
The broader AIM All-Share index had a bearish week, falling around 1.2 per cent to 737 on Friday.
Blue chip stocks also suffered, with the FTSE 100 falling 0.8 per cent.
Global stocks were spooked by rising tensions between Israel and Iran, which offset more positive macroeconomic factors earlier in the week, such as a giant stimulus package from China and particularly vibrant U.S. jobs data.
tower plc resources skyrocketed this week as anticipation of a critical financing deal nears.
The AIM-listed micro explorer and producer said it has a proposal for a farm-out to “a major upstream company” and is now in talks with the potential new partner.
Tower said the proposal “should provide sufficient funds” to drill the NJOM-3 well in Cameroon. Shares added 150 percent.
Tavistock Investments plc soared 75 per cent with a plan to sell two subsidiaries, Tavistock Partners and Tavistock Estate Planning Services, to Saltus Partnership Holdings for up to £38 million.
The sale includes an initial payment of £10.97 million and up to £15.75 million in deferred payments, with £11.03 million allocated to settle internal debts.
Potash development company Emmerson plc added 44 percent after an upbeat trading update.
Emmerson said he is hopeful of receiving an environmental permit in the fourth quarter and that an updated resource estimate will also be released.
Anglo Asian Mining plc surged 27 percent on news that agitation leaching had resumed normal production at its Gedabek mine in Azerbaijan after a twelve-month interruption.
The resumption follows the authorization to raise the mine’s tailings dam wall on August 5, 2024, when the commissioning of the restart of its agitation leach plant began.
EnergyPathways plc was one of the strongest rises of the week after the company announced a £5.1m loan facility for its Marram Energy Storage Hub (MESH) project.
Financing will be carried out in phases according to the development of the project, focused on the creation of a fully decarbonized energy storage system using natural gas and green hydrogen. Shares added 70 percent.
As for the fallen, microsal plc took a 27 percent hit even though it announced an expansion of its global patent portfolio this week.
The low-sodium salt innovator, which had a successful debut at AIM in February, received patent certificates in China, Mexico and Australia.
Its depressed share price follows last Friday’s interim results, which revealed a 33 percent drop in year-on-year revenue and higher net losses.
Tungsten West plc resumed trading at AIM on Wednesday after a brief three-day suspension due to delays in its annual financial statements.
The stock initially fell 25 percent from pre-suspension levels, but a solid 16 percent rally on Friday managed to get things back on track.
Specialist in actions in legal services. RBG Holdings plc fell 60 percent after it told investors its financial performance would be “significantly below market expectations.”
The update came alongside the company’s interim statement in which RBG said it is reducing its cost base by £4.5 million.
Premier African Minerals Ltd saw a 40 per cent underwriting downgrade after announcing £550,000 had been raised as the company explores options for its Zulu lithium project.
Proceeds from the sale of new shares will be used to support operations at Zulu, as possible full or partial sales are explored, along with plans to install an additional spodumene flotation plant at the site.
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