Deo Petroleum no idea why shares up6 Jan 2010 13:29
http://www.sharecast.com/cgi-bin/sh
Deo Petroleum no idea why shares up 1200%
Wed 06 Jan 2010
DEO - Deo Petroleum
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Name Price %
Deo Petroleum 4.62p +156.94%
FTSE AIM All-Share 676 +0.39%
Oil & Gas Producers 8,430 -0.69%
Deo Petroleum no idea why shares up 1200% LONDON (SHARECAST) - Deo Petroleum, formerly Microcap Equities, says it doesn’t know why its shares have gained 12 times their value since yesterday morning.
Shares in the company, which intends to invest in oil and gas businesses, were trading at just half a penny early Tuesday.
‘The directors are not aware of any reason behind the share price movement and confirm that there is no material information relating to the company which was not previously announced on 8 December 2009 when the recent subscription at 0.065p per share and capital reorganisation were announced,’ read a short statement Wednesday.
Last month, the group announced a placing to raise £200,000 in a measure the directors said they believe ‘afford the company its last realistic opportunity to survive and to restart its investing business.’
Microcap was set up in 1999 to create a business that would assist early stage companies, particularly small and medium sized technology related businesses, with capital requirements.
The level of failure in early stage technology companies prompted Microcap to cease its strategy and it opted instead to invest in oil and gas assets. The firm hopes to benefit from the recovery in oil and gas prices.
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