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I have written about 'Superb' Blinkx many times before. Indeed I bought into this Mike Lynch (6.2% holding) Autonomy (12.9%)-backed IPO at 45p in May 2007. It’s been a roller-coaster ride since as I watched the share price dive to 11p in 2009 and climb all the way to 152p in May only to sink back to 87p in Aug. Anyway today they closed at 152p again! It is rare (well certainly in my portfolio) for a sahre to double in not much more than a month.
Why? I wondered. A quick Google search found this Aug 16th article in the WSJ – News Corp in talks to buy Blinkx. Nearly fell for it until I saw it was dated 16th Aug 2005!
In the absence of any other news, I asked George O’Connor at Panmure Gordon. He couldn’t put his finger on any news I’d missed. So it really does appear to be the ‘Autonomy effect’. Mind you CitiGroup now has a price target of 180p. As George pointed out, the people with the widest smile must be Blackrock who bought 21m shares/c6.1% on 12th Aug 11.
Although the last thing I want is to see Blinkx bought, it is probably inevitable. Although ‘a Cambridge company’, Blinkx and its Founder/CEO Suranga Chandratillake are now pretty firmly established on the West Coast already. So doubt it wouldn’t make too much difference!
Footnote - Rather liked the cartoons of the directors on the Blinkx website. This one of Founder/CEO Suranga Chandratillake.
