Shares in Glasgow-based animation and user-generated content facilitator DA Group (DAG.L) plunged 13.91 percent last night after the company said it was still searching for a buyer and had only £136,000 in the bank. DA’s Yomego outfit operates mobile communities for TV channels like Bliss, The Vault and The Chart Show and powers user-generated content uploading for GMTV and GCap radio stations for broadcast. As Scotland’s Herald reports, DA lost 36 percent of its value in May when it began a strategic review, including the option of a potential sale.
In a note to the market last night, the company said it had signed deals worth £500,000 since April and expects further sales of £340,000 in the half-year to September 30 (£300,000 in the second half), but: “Due to the timing of the cash flows arising from these orders and the company’s cost base, however, the company continues to experience net cash outflows.” It is getting an invoice discounting facility. CEO Mike Antliff told The Herald sale discussions were continuing. DA Group was notable a few years back for having created the Ananova virtual newsreader.