Investor Rhys Davies has sold 1.5m shares in mobile content provider Mobile Streams, leaving him with 8.55% of the company.
The share price rose to 2.9p after it was announced that Davies had bought 12.9% of Mobile Streams in September 2008. Just under two years later, the share price rose 3.25p to 10.25p, valuing Mobile Streams at £3.72m. The share price has risen by 6.375p over the past week. Davies, who is a director of other Aim companies including China Growth Opportunities and Rapid Realisations Fund, sold the shares on 10 September so he is likely to have sold them at a profit but probably a more modest one than the current share price would suggest.
Mobile Streams reported a 20% rise in revenues to £4.3m in the first half of 2010. The interim loss was reduced from £578,000 to £13,000. There is £1.44m in the bank which covers more than one-third of the market value.
The company has launched its new website www.appitalism.com, where users can download and discuss digital content.
Download the September edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2010_12.pdf
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