Provenco Cadmus share price surge prompts NZX inquiry

Share price doubles within a few days, 731,000 shares change hands

Electonic payments provider Provenco Cadmus has replied to a query by the NZX about a sudden spike in its share price last week.

However, little detail has been revealed, with a notice posted on the NZX website on Friday noting that “Provenco Cadmus’ chief financial officer, Gavin Sebire, responded with a brief note saying that, having asked directors and executive officers, the company was continuing to comply with the listing rule”.

On Thursday, Provenco Cadmus’ share price closed at 13c, double its value on Monday, according to the NZX. It rose to 15c in late trading on Friday. This morning, the shares were trading at around 12.5c.

Thursday also saw 731,217 ProvencoCadmus shares change hands, “a significant increase on the usual volume”, according to the NZX.

The company recently extended its banking facilities, which were originally due to expire at the end of February, to June. It also reported a $25.6 million loss, partly due to asset write-downs and goodwill and intellectual property impairment, for the half-year to December 2008. EBITDA before extraordinary items was $0.55 million.

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Tags NZXprovenco cadmus

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