Progress in litigation was responsible for Clear Leisure and Ascent Resources’ sharp rallies this week.
Investment firm Clear Leisure, which has a penchant for investing in companies with legal recovery of misappropriated assets, practically doubled its shares in February following a business update that looks more like a court newsletter.
The company’s legal claim of EUR 1.03 million against the previous management of Sosushi, an Italian company that bought it from the beneficiaries, is currently in arbitration after the Bologna court gave the green light.
Progress in litigation was responsible for Clear Leisure and Ascent Resources’ sharp rallies this week
In other parts of Italy, Clear Leisure has been selected to acquire the rights to a potential claim against former directors of Mediapolis, another dormant subsidiary of the company, and members of Mediapolis’ internal audit committee.
Clear Leisure paid € 50,000 to acquire the rights to the claim and although Clear Leisure’s legal team is still evaluating the value of the claim, the recipient originally estimated that the claim could be worth over € 20 million.
The energy and raw materials company Ascent rose by around two-thirds on the week as it confirmed that it is still in direct negotiations with the Republic of Slovenia over an amicable solution to its longstanding dispute.
The company also announced to shareholders that PG-11A, one of its two development wells in the narrow Petišovci gas field, has been reopened as its local partner wants to take advantage of the apparently increased local gas prices of around 175 percent from mid-2020.
The Ince Group, a legal and professional service provider, has formed a new company with Mission Secure, one of the world’s leading cybersecurity companies for operational technology.
Mission Secure will share its expertise with InceMaritime, a wholly-owned subsidiary of Ince, which provides customers with a fully integrated cybersecurity offering that protects OT networks on land and on board, secures operations, and ensures compliance and business continuity.
Ince stocks were trading at around 62p, up roughly 50 percent from the week.
It was a throwback for MelodyVR Group on Thursday as it voiced the success of its music streaming platform Napster, which it acquired in August.
The company announced that the number of users more than doubled in 2020.
Millennials seem to have grappled with this stock market lark, with a particular penchant for iconic brand names from their youth – GameStop and Blackberry, to name a few – so MelodyVR’s decision to change its name to Napster Group was inspired Decision might turn out to be.
In the first week of February, the share of the creators of virtual reality entertainment content rose by around 26 percent.
The UK hasn’t really seen the kind of “tulip frenzy” the US experienced with GameStop, while UK investors also suffered US indices hitting new highs as the world continues to be hit by a deadly pandemic It’s worth noting that the FTSE AIM 100 index is now back above the level it had before the great financial market crisis in 2007.
Big winners since June 2007 include some household names and some huge wins – none bigger than Judges Scientific, which is up 5,830 percent over the reporting period.
ASOS, the multi-year champion of AIM, is in the silver medal position with an increase of 3,600 percent.
Hutchison China Meditech Ltd, Abcam and IMPAX Asset Management make up the remainder of the top 5 in the AIM 100, with gains of between 2,730 and 2,830 percent.
Looking to a shorter period of time, the AIM All-Share rose from 1,161 to 1,208 this week, an increase of 4.0 percent. During the same period, the FTSE 100 rose 1.7 percent to 6,514.
The rebound from the bleak days of 2007 gives hope to this week’s big losers, which included technology stocks Bidstack and IDE Group.
Bidstack, which has neat technology to display advertisements in a computer game, fell 40 percent after it was revealed that losses are expected to increase from £ 5.36m to £ 7.18m in 2020 .
Sales are expected to be above expectations at £ 1.7m compared to just £ 140,000 last year. However, the group warned that the pandemic could “further extend sales cycles”.
IDE Group lost 23 percent of its value this week after under-challenging trading for the full year.
The managed services provider for network, cloud and information technology announced that adjusted adjusted earnings should more than halve from £ 1.1m in 2019 to around £ 500,000.
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