Here’s as company who’s stock price jumped nearly 400% after they added the word “Blockchain” to their name…
Hitching a ride on the crypto-bandwagon, or possible the stock market euphoria bandwagon, here’s a stock that soared nearly 400% in price in one day.
A British company that has been investing in internet and information businesses is having its best day on record.
On-line Plc jumped as much as 394 percent on Friday after announcing plans to change its name to On-line Blockchain Plc, following an initial climb of 19 percent on Thursday when it first announced the news. It’s the biggest one-day gain for the small-cap company since its December 1996 listing. The trading volume that reached 2.9 million shares by early afternoon in London is equal to more than 16 times the entire year’s trading before the last two days.
“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time,” the Essex-based company said in a statement on Thursday. “We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector.”
The shares pared gains after the company published a follow-up release on Friday, cautioning investors that the development of its blockchain product is still at an early stage. Still, the 238 percent rise as of 2:36 p.m. in London leaves the company’s market value of 4.4 million pounds ($5.8 million) at its highest since 2005.
Here’s the two releases:
(“On-Line” or the “Company”)
Appointment of Nominated Adviser
On-line PLC (AIM: ONL), is pleased to announce that Beaumont Cornish Limited has been appointed as Nominated Adviser with immediate effect.
At the next Annual General Meeting, the Board also intends to put forward a special resolution to change the Company’s name from On-line PLC to On-line Blockchain PLC.
For many years we have worked as an incubator and investor in internet and information businesses. Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time to provide systems to support the roll out of these technologies across a range of applications. These include information technology where our links with ADVFN provide us with particular opportunities.
As these start to come to fruition, we feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector.
Throgmorton Street Capital remains as sole broker to the Company.
(“On-line” or the “Company”)
The Board of On-line PLC (AIM: ONL), notes the significant share price movement today.
As announced yesterday, the Company has worked as an incubator and investor in internet and information businesses and the Company has been investigating the development of potential applications and customer markets. In particular, the Company has focused on information technology where On-line’s links with ADVFN provide an opportunity to develop a Blockchain-based product to support financial website users’ ratings of information contributors using token-based applications.
Shareholders should note that the while the Company has identified an initial product, the Company’s development of a Block-chain product is still at an early stage of investigation and development, and its current plans envisage that the first application will only be tested early in 2018. The Company expects to announce its results for the year ended 30 June 2017 in November 2017. In the interim results for the six months ended 31 December 2016, the Company announced profit before tax of 12,000 and net borrowings of £49,000. The Company has a 17.98% per cent. interest in ADVFN plc, which based on the closing mid-market price of 39.5p per ADVFN share on 26 October 2017, is valued at £1.82 million. ADFVN reported a profit before tax of £214,000 for the year ended 30 June 2017.
The Company will make further announcements in due course to provide updates as appropriate on its progress in this sector.
More information on On-line can be found at: www.on-line.co.uk