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Oilexco, with main subsidiary insolvent, unable to explain stock surge Published: Tuesday, January 27, 2009 | 2:39 PM ET Canadian Press NewsItem/NewsComponent/NewsLines/ByLine CALGARY - Oilexco Inc. (TSX:OIL), with its main operating subsidiary insolvent, said Tuesday it "is not aware of any corporate developments that would be impacting the trading of its stock."
Oilexco shares traded as high as 34 cents on the TSX, up from Monday's close of 16 cents and from as low as seven cents Friday - down from a high of $19.50 at the end of June.
Tuesday's statement from Oilexco noted that the company had disclosed on Friday that several insiders had bought shares under its employee stock purchase program, but "such purchases are administered by an independent body and occur routinely at a predetermined date once per month."
Oilexco North Sea Ltd., the Calgary company's primary asset, sank into administration on Jan. 7, following the collapse of a financing arrangement with a syndicate led by the hard-pressed Royal Bank of Scotland.
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