BUZZ-Australia's Vinyl Group gains on acquiring UK digital platform

Reuters
2024-09-30

** Shares of Vinyl Group 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;))

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