Australia: ISIS stands by surge in shares

Internet and media company ISIS Communications has defended a recent surge in its shares, claiming it isn’t hiding anything from the Australian Stock Exchange that could have sent its stock skyrocketing.

SYDNEY (ZDNet Australia)--Internet and media company ISIS Communications has defended a recent surge in its shares, claiming it isn’t hiding anything from the Australian Stock Exchange that could have sent its stock skyrocketing.

ISIS shares were trading at four cents last month and closed at 12 cents yesterday.

Other than its announcement to the ASX yesterday, that it has entered into an equity facility agreement with Brighton Opportunity Fund--that will see Brighton committed to making available AU$4 million (US$2.07 million) of equity funding to ISIS over three years--the company said it was “unable to offer any further explanation”.

”The company is not aware of any information concerning it that would explain the recent price movement and trading in its securities,” ISIS said in a statement.

”At this time there is no reason to believe that the operating profit before abnormal items and income tax would vary by more than 15 percent from the previous period,” the company added.

Companies listed on the ASX are obliged to reveal to the Stock Exchange under the Listing Rules any information that may affect its share price.

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