LONDON (Alliance News) - Consultancy and technology products company Imaginatik PLC on Monday said it knows of no reason for the rise in its share price last week, though it said it was aware that Quob Park Estates is building a stake in the business, sending its shares sharply higher.
Imaginatik said it is aware that Quob Park Estates has been acquiring shares in the company. It added it has not received a notification of Quob's interest in its shares and has had no contact with the investment vehicle.
Quob Park Estates is headed by Rob Terry, the founder of insurance technology and outsourcing company Quindell PLC. Terry stepped down as executive chairman of Quindell last year after he became embroiled in controversial share dealings and a short-seller questioned the legitimacy of the business. He is chairman and chief executive of Quob Park.
Quob Park also is a shareholder in Daniel Stewart Securities PLC, the stockbroker and wealth manager in which Terry holds a 9.06% stake.
Shares in Daniel Stewart were suspended in October last year and remained that way until March, when it published its restated accounts for 2014. The original suspension had been imposed after the company identified a shortfall in its regulatory capital and entered talks with a number of parties over a potential deal to strengthen its balance sheet.
Still, Imaginatik shares were trading sharply higher on the news of Quob Park Estates building a stake, up by 37% to 7.90 pence mid-afternoon on Monday to be among the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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