The NEO factor
July 21, 2008 by Dave Haynes
Neo Media is a client, but I’m not at all involved with their activity on the other side of the Atlantic – where the company seems to be getting a real vote of confidence in the marketplace.
As AKA and others have reported, the UK-based mall and bar network Avanti Screenmedia had been struggling for some time, with the share price dropping to one pence from a high of 17 pence.
News last week that Swiss-based Neo Media, which has networks in several European countries as well as a mall network up here in the tundra, has injected some cash into the company has made a dramatic difference on Avanti’s prospects.
Since the announcement late last week of an $800,000 convertible loan, Avanti’s share price has jumped past three cents and leveled off in late day trading in London today at 3.31 pence. It’s a nice vote of confidence for the sector over there, and generally, given a lot of the gloom and doom lately.