MusicMagpie plc is a popular online marketplace for picking up a bargain on second-hand iPhones, PlayStations and what have you.
This week, it was musicMagpie’s turn to be the bargain when white goods group AO World plc offered just £10million for the business, which will see musicMagpie removed from AIM.
AO World’s offer represents a mere fraction of musicMagpie’s £208million market capitalisation when it floated in 2021.
musicMagpie was founded in Stockport in 2007 by Steve Oliver and Walter Gleeson, who reportedly banked £22.1million from the IPO.
A profit warning this June appeared to irreparably undermine confidence in the stock, which by late 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 £10million deal
Given AO World’s 9.07p-per-share offer, the stock ran up more than 55 per cent this week to close the offer gap.
The wider AIM All-Share Index had a bearish week, falling around 1.2 per cent to 737 come Friday.
Blue chips also suffered, with the FTSE 100 falling by 0.8 per cent.
Global equities were spooked by rising tensions between Israel and Iran, which offset more positive macro triggers earlier in the week, such as a gigantic China stimulus package and particularly vibrant US jobs data.
Tower Resources plc shot up like a rocket this week as anticipation of a critical funding deal approaches.
The AIM-listed explorer and producer micro mentioned that it has a proposal for a farm-out to ‘a substantial upstream company’, and it is now in discussions with the new potential partner.
Tower said that the proposal ‘should provide sufficient funds’ to drill the NJOM-3 well in Cameroon. Shares added 150 per cent.
Tavistock Investments plc shot up 75 per cent on plan to sell two subsidiaries, Tavistock Partners and Tavistock Estate Planning Services, to Saltus Partnership Holdings for up to £38million.
The sale includes an initial £10.97million payment and up to £15.75million in deferred payments, with £11.03million allocated to settle internal debts.
Potash-development company Emmerson plc added 44 per cent after an optimistic trading update.
Emmerson said it is hopeful of receiving an environmental permit in the fourth quarter with an updated resource estimate also to be released.
Anglo Asian Mining plc soared 27 per cent on news that agitation leaching has resumed normal production at its Gedabek mine in Azerbaijan after a twelve-month halt.
The resumption follows authorisation to raise the wall of the mine’s tailing dam on 5 August 2024, when the commissioning of the restart of its agitation leaching plant began.
EnergyPathways plc was one of the week’s strongest risers after the company announced a £5.1million loan facility for its Marram Energy Storage Hub (MESH) project.
The funding will be phased in line with the project’s development, focused on creating a fully decarbonized energy storage system using natural gas and green hydrogen. Shares added 70 per cent.
As for the fallers, Microsalt plc took a 27 per cent hit despite this week announcing a expansion of its global patent portfolio.
The low-sodium salt innovator, which had a successful debut on AIM in February, received patent certificates in China, Mexico and Australia.
Its depressed share price follows last Friday’s interim results, which disclosed a 33 per cent dip in year-on-year revenues and higher net losses.
Tungsten West plc resumed trading on AIM on Wednesday after a brief three-day suspension due to delays to its annual financial statements.
Shares initially fell 25 per cent from pre-suspension levels, but a solid 16 per cent rally on Friday managed to steer things back on track.
Shares in legal services specialist RBG Holdings plc dropped 60 per cent 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 £4.5million.
Premier African Minerals Ltd saw a 40 per cent technical markdown after announcing that £550,000 has been raised as the company explores options for its Zulu lithium project.
Proceeds from the sale of new shares will be used to assist operations at Zulu, as the likes of a whole or partial sale are explored, alongside plans to install an additional spodumene float plant at the site.
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