It’s what stock markets do I suppose – GO UP AND DOWN…
Avanti Screenmedia’s stock price had seen a continual downturn since the split from its (old sibling) the Satellite business, then a bounce and then a meteoric rise (but shortlived) from 4p to 28p earlier this week, only to close yesterday at just over 8p.
Avanti haven’t failed to be in the financial press as either the highest gainer or the biggest loser in the last week.
Anyway, there was another announcement this morning from them indicating that their cash position has been further improved through a fundraising of (a minimum) £0.68 million by way of a convertible loan and a placing, subject to shareholder approval at an EGM.
I haven’t looked in detail at what this means yet nor gauged the reactions of those in the know on the market but I would expect to see a lot more activity with the stock today.
is it good for the Digital Out of Home industry in the UK and elsewhere? I am not sure (either way, good or bad yet), it’s publicity I suppose.
With ScreenFX shares still suspended and I believe an end, perhaps, in sight for them, and all other digital out of home stock prices on AIM equally depressed it may keep investors away from those new / fledgling companies that want to raise investment.