Biz quadruples value overnight by adding 'Blockchain' to name
A tactic ailing companies might want to use?
How do you increase the value of your business by 300 per cent overnight? Simple, add a buzzword to your name.
As spotted by the Financial Times, AIM-listed company On-line did exactly that and quadrupled its share value by including blockchain in its name.
The spike in value immediately followed this stock market statement: "At the next Annual General Meeting, the Board also intends to put forward a special resolution to change the Company's name from On-line PLC to On-line Blockchain PLC."
It added: "Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time to provide systems to support the roll out of these technologies across a range of applications.
"These include information technology where our links with ADVFN [a financial market website] provide us with particular opportunities.
"As these start to come to fruition, we feel the time is right to rename the company to reflect these developments, where we believe the future growth will be in our sector."
Maybe some other big companies could take a leaf out of its book.
BT's share price has been flagging sometime. Perhaps the former state monopoly could rebrand as Blockchain Telecommunications. HPE could become Hyperconverged Packard Enterprise. And the Co-Op might prefer Co-Bot Bank... ?