Australia's Vinyl Group gains on acquiring UK digital platform

Vinyl

30/09/2024 05:18

** Shares of Vinyl Group  VNL.AX  up 8.3% to A$0.105, their
largest intraday pct jump since Aug. 14
    ** Stock hits its highest level since Sept. 9
    ** The vinyl records retailer to acquire London-based
blockchain platform Serenade for A$800,000 ($553,760.00) in
shares, and in a further payment of A$1.5 million in shares upon
hitting profit targets
    ** Says acquisition to expand co to UK and European markets,
add physical and digital collectibles to platform
    ** More than 925,000 shares change hands by 0114 GMT, 1.8
times the 30-day avg volume of shares
    ** VNL up 48.8% YTD, including current session's moves

($1 = 1.4447 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))