It was a good day for wealth managers as Charles Stanley accepted a £279m offer from US counterpart Raymond James. While historically US firms taking over UK ones in this field has not always been for the best, discretion is probably the greater part of valour for the powers that be at Charles Stanley. Indeed, all of these goings on made it a good day for Aquis listed wealth manager Oberon Investments (OBE) to deliver its final results. Highlights here were 237% revenue growth to £3.8m for the year (2020: 1.1m on a 12-month comparable basis) and a 340 % increase in Assets under Administration to over £550m (2020: £125m). The company said it has made a strong start to 2021, with record Q1 revenues and maiden EBITDA profit in financial year 2021/22. Added excitement (and perhaps some new HNW clients) near term may come from All Active Asset Capital (AAA) shareholders being able to trade the now suspended AIM stock through Oberon on an OTC basis from early next month.
It would appear that for some in the market the letters CLN, might as well be RIP, such is the brouhaha whenever a RNS contains news regarding a convertible loan. For inventory monetisation specialist Supply@Me Capital (SYME), it may be that traders misread the previous day’s RNS concerning a Convertible Loan Notes Programme restructuring and New Ordinary Shares issuance. The share price drop on the day became a 20% rise the following session as a delayed reaction to “SYME and Negma Group are in discussions to restructure the Convertible Loan Notes Programme with the aim of maximising investment value for SYME' shareholders.” It will be interesting to see whether trader comments that the initial fall was a bear trap on restructuring news continues to be correct.
Aquis listed digital asset investor KR1 (KR1) announced a fresh purchase, underlining its status as one of the leading players in its space. This time the investment came in the form of $100,000 into the RedStone project, in return for a-yet-to-be determined amount of RedStone tokens. KR1 invested in this first RedStone financing round, led by Maven 11 and joined by other prominent investors such as 1kx and Bering Waters. KR1 said that RedStone stands out in the crowded world of blockchain oracle solutions in providing a real edge with regards to cost savings, latency, auditability and insurance.
It has been a rather long couple of weeks since Immedia (IME), a supplier of multi-media content and digital solutions, following the company's announcement of the termination of talks with Sprift Technologies. The return from suspension has witnessed the stock price decline from 35p to 14p. What could be the case given the latest 7% rise, given the way we have seen the stock with an effective 0 out of 100 RSI, is that anyone looking to dump the shares has had plenty of time to get out at the bottom. One year support around 14p has so far held.