Australia's Vinyl Group jumps most in over 2-1/2 mths on Brag Media acquisition

Vinyl

21/12/2023 24:32

** Shares of Vinyl Group  VNL.AX  rise as much as 15.6% to
A$0.052, set to see best day since Oct. 3 - if gains hold 
    ** Music co says it has entered into agreement to acquire
The Brag Media including its network of mastheads and events
    ** Adds co will pay A$8 million ($5.39 million)in cash to
acquire 100% of The Brag Media and its subsidiaries, with
further A$2 million to be paid in cash or stock
    ** Co says purchase will be funded with A$11 mln placement
and debt facility from Vinyl Group investor 
    ** Stock marks its highest level since Dec. 15
    ** 599,010 shares change hands, compared with the 30-day
average volume of 247,220
    ** Stock has risen 25% YTD as of last close

    


($1 = 1.4839 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))