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Thread: blinkx rights issue as losses mount

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    Arrow blinkx rights issue as losses mount

    blinkx rights issue as losses mount

    The video search company blinkx is offering increased stakes to existing shareholders to raise 5 million (E5.5m) after burning through 13 million of its cash reserve in the past year on infrastructure costs.
    blink has seen its cash reserve plummet from $32 million to $10.7 million in the year to the end of September. In the six months to the end of September the reserves fell by $8 million. The share placing will see blinkx's largest shareholder, Autonomy, from which the company demerged in 2007, increase its stake from 19 per cent to 26 per cent.
    Revenue at the video search company doubled to $13 million in the first six months of the year, but losses also doubled year on year to almost $7million over the same period. The company said that gross profits were up 88 per cent year on year in the first six months of 2009 to $8.48million.
    blinkx said that the number of ad campaigns running around video content had increased 238 per cent year on year and the number of video streams delivered through partnerships increased by more than 170 per cent.

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    Arrow Loss-making Blinkx in 5m share placement

    Loss-making Blinkx in 5m share placement



    November 3, 2009

    Autonomy is to underwrite a 5 million share placement by Blinkx, the company it demerged in April 2007, as the video search company announced it had doubled pre-tax losses to $7.3 million for the six months to September 30. Although revenues had risen from $6.4 million to $13.1 million, an increase in searches and better rates for advertisements accounting for the growth, expenses also increased.

    Since its demerger from Autonomy, the Cambridge-based technology company and its affiliates have controlled 19% in Blinkx, a figure that will rise to 26% if institutional investors fail to take up the offer.

    The search engine technology was developed at Cambridge University and subsequently received $150 million worth of R&D over a 12-year period. Clients now include CBS, NBC Digital Media, Fox Sports, ITN and Time Inc.

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