The Australian Stock Exchange (ASX) has questioned Seven West Media over a very clear share price and volume spikes that saw the media company’s stock rise by over 50 per cent in the last few days.
However, Seven has denied knowing anything about the surge following a query from the ASX.
Seven’s share price sunk to an all-time low earlier this year (6c in April) following a difficult time for the TV broadcaster, which includes a net debt load of $564 million.
However, the last few days have seen SWM’s shares hike in price and volume, from 8.6c on Monday, to an intraday high of 13.5c on Wednesday.
The spike in movement caught the attention of the ASX, which sent a query to SWM asking if it was “aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading?”
The ASX also asked if the media company had any other explanation for the trading. SWM responded “no” to both questions.
Seven recently sold its Osborne Par facility in Perth to Prime West for $74.5m, and sold Pacific Magazines to Bauer Media for $40m.
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