SMALL CAP MOVERS: One Media iP’s golden oldies hit all the right notes
One Media iP and its catalogue of golden oldies hit all the right notes this week, with its shares climbing 13 per cent to 6.9p.
Annual revenues up 10 per cent and earnings by 11 per cent to £4.4million impressed investors as its portfolio of song rights (that now include some of Take That’s catalogue) again proved the old tunes are the best, even for today’s streaming listeners.
Michael Infante, chief executive, said: ‘We welcomed some high-profile names to our stable, including some of Take That’s highest profile hits through the acquisition of their producer’s royalties, as well as music by Kid Creole, Culture Club and, in our largest acquisition to date, country music star Don Williams.’
Big stars: One Media iP owns the rights to songs by some of Britain’s most famous musical acts, including Take That and Culture Club (pictured)
Pure Gold Mining was another shining star on the AIM market, soaring 51 per cent to 16.4p as Sprott, one of Canada’s biggest mining investors, underlined its support.
The Canadian junior has set up a US$6million credit facility with Sprott Private Resource Lending, with the finance house waiving any defaults under existing agreements.
As part of the arrangement, PureGold will undertake an equity financing for net proceeds of not less than US$5million before May 15.
Chris Haubrich, chief financial officer, said the additional cash will help with the ‘positive momentum of the operational turnaround.’
That plan has already seen reductions in headcount and equipment, while optimised underground development should lead to a 30 per cent reduction in costs in the second quarter
Elsewhere, Itaconix, the plant-based polymer firm, soared 22 per cent to 5.2p after a positive update that stated trading was well ahead of the same period last year.
Volex also powered ahead, climbing 20 per cent to 286.6p, with results at the supplier of power leads and electric vehicle chargers expected to beat market forecasts.
On the downside, Osirium Technologies dropped sharply after reporting increased losses saying it will turn to the market to raise funds.
Shares fell 14 per cent to 12p over the course of the week as operating losses rose from £2.87million to £3.23million.
The cloud-based cybersecurity software business saw full-year bookings flat at £1.6million, with an uncertain economic environment hitting customer sentiment.
Elsewhere, Oxford Biomedica fell 13 per cent to 567p after announcing production of its AstraZeneca vaccines would stop.
Baron Oil shares slipped 6 per cent after the wildcat oil and gas exploration specialist said it would relinquish its licence in Peru and leave the country.
According to a statement, it failed to meet four key requirements in order to access the area and carry out the project, including attracting a local farm-in operating partner and failure to receive drilling authorisation.
Chief executive Andy Yeo said the company was making progress on its other projects which had good potential.
Across the market, the AIM All-Share Index was slightly weaker, down 0.41 per cent, or four points, to 1,052 points over the last five days.
The FTSE 100, or simply Footsie, experienced a flat week, down 0.22 per cent, or 16 points, to 7,564.