15 May 2023 16:15
For immediate release
15 May 2023
Online Blockchain PLC
("Online" or the "Company")
Corporate Update
The Board of Online Blockchain plc (LSE: OBC) announces that the Company has sold part of its interest in ADVFN plc ("ADVFN") in a series of market sales for a total consideration of £256,340.
Since the last published announcement of OBC's interest in ADVFN published on 29 March 2023, OBC has sold in aggregate 1,055,000 ADVFN ordinary shares at an average price of 24.3p per ADVFN ordinary share. The total sales proceeds of £256,340 (before expenses) will be used by OBC for general working capital purposes.
OBC is now interested in 3,525,938 ADVFN ordinary shares representing 7.7% of the issued share capital of ADVFN. Based on the last closing mid-market market price per ADVFN ordinary share of 24.5p, this interest has a current market value of approximately £863,855. As set out in OBC's last interim report, the Company no longer has significant influence over ADVFN and therefore its interest in ADVFN is treated as an arm's length investment.
The principal focus of OBC remains on the development of Umbria (where OBC is an adviser) and the planned launch of the new non-fungible token ("NFT") project based on The Rocky Horror Show.
A copy of this announcement is available on the Company's website at: www.onlineblockchain.io.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Clement Chambers, Director.
Enquiries:
For further information please contact:
Online Blockchain PLC Clement Chambers
| +44 20 3868 670203 |
Beaumont Cornish Limited (Nominated Adviser) www.beaumontcornish.com | +44 (0) 207 628 3396 |
Roland Cornish/Michael Cornish
| |
Throgmorton Street Capital (Broker)
| +44 (0)203 0112 309
|
Cassiopeia Ltd (Investor Relations) Stefania Barbaglio | stefania@cassiopeia-ltd.com |
About Online Blockchain plc (LSE: OBC)
Online (www.onlineblockchain.io) is a UK-based incubator and developer of businesses in internet and information-based technologies, including developers, administrators and custodians of blockchains and cryptocurrencies. The Company founded ADVFN www.advfn.com and has a remaining holding of 7.7% in ADVFN plc.
Online continues to consider new related opportunities and particularly crypto currencies and blockchain-based opportunities including incubating cryptocurrency start-ups and developing technical innovation in the blockchain space.
Glossary
"blockchain" is a distributed public digital ledger in which transactions are recorded chronologically
"cryptocurrency" is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of any central bank
ENDS