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Pixology shares soar from 12p to 38p on news that Photochannel Networks has offered 40p/share to buy them. Back in 2003 Pixology floated at 140p so it was good news.

Yesterday's trading: Pixology clicks | This is Money

Yesterday's trading: Pixology clicks
Geoff Foster, Daily Mail
27 April 2007

Lord Young of Graffham, the former trade and industry minister under Margaret Thatcher, heaved a big sigh of relief.

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He must certainly have been a lot happier in his old age yesterday when shares of digital photographic software company Pixology, where he is chairman and 23.2% shareholder, soared 12¾p to 38½p on news of an agreed 40p a share, or £8.1m cash offer, from internet infrastructure company Photochannel Networks. It gets him out of jail.

Young had acquired his personal stake in 1997. Tory Party followers were more than happy to follow him in when the company floated on Aim at 140p in December 2003.

They have regretted it ever since. The shares have been on a slippery slope since 2005, drifting down from 110p to a recent year's low of 18p when all seemed lost.

Pixology said at flotation time it was poised to announce a breakthrough in camera technology which would cure the problem of 'red eye' common in flash photography.

It wanted to take advantage of the boom in digital photography but unfortunately it soon came unstuck. Yesterday, it announced a £0.2m loss for 2006 but said it had £5.5m cash in the bank. Lord Young can now put a few bob in his account too.

Posted by staff at May 1, 2007 11:48 AM