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LONDON (Alliance News) - Marlowe Holdings Ltd, which until recently was known as Shellshock Ltd, Monday said it doesn't know why its share price is rising so quickly.
"The board of Marlowe Holdings Ltd notes the recent rise in share price and confirms that it is unaware of any specific reason that would lead to such a movement in the price," the company said in a statement.
Previously known as Shellshock, the company was renamed amid a GBP5.2 million equity fundraising backed by former Conservative party treasurer Lord Ashcroft, who has taken a 53.6% stake in the business. It is seeking investments in the business services sector.
Shares in Marlowe were up by 44% at 125.20 pence late Monday afternoon, having traded as high as 225p, a new 52-week higher, earlier in the afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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