Cleardebt mystified by share price rise
AIM-listed tiddler ClearDebt has told the stock market it does not know why its share price is rising.
The Manchester-based debt advice business was trading at around 0.5p until Wednesday when the price leapt to 1.5p. It continued climbing to a 1.67p high today, before dropping to 1.35p following the announcement.
In a statement it said it was unaware of any reason for the increase. It is in “advanced” talks over an acquisition but said this would not have a big impact on the size of the company.
It said: “The board is not aware of any reason for the increase in the share price. The business continues to trade in line with the board’s expectations and the confidence it expressed in the statement made at the annual general Meeting on December 12.”
Cleardebt, which was readmitted to AIM in January 2006 following a reverse takeover, specialises in arranging individual voluntary arrangements (IVAs) for people struggling with their debts.
Last month it said it passed 83 IVAs between July and September 2008, compared with 36 in the same period last year. And 75 have already been passed in the first two months of current quarter.
