Australia's Vinyl Group jumps on further investment from WiseTech Global CEO

Vinyl

26/04/2024 04:02

** Shares of Vinyl Group  VNL.AX  rise as much as 19.8% to
A$0.115, their highest since Feb 16, 2021
    ** Stock posts its biggest intraday percentage gain since
Dec 21, 2023
    ** The vinyl records retailer says RealWise Group, the
private investment co of Richard White - the CEO and founder of
logistics software co WiseTech Global  WTC.AX  - will convert
its convertible note into co shares 
    ** Adds principle balance of A$7 mln ($4.57 mln) will be
converted for a 34% stake in co, making RealWise its largest
shareholder
    ** About 1.9 mln shares change hands, compared with the
30-day average volume of around 854,500
    ** Vinyl stock up 35.2% YTD, based on last close

    ($1 = 1.5326 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))