Linc Energy has been forced to explain a leap in its share price - up 11 per cent today and 17 per cent yesterday - after news that the company was in talks with Russian billionaire Roman Abramovich.
In response to questions by the ASX, the Brisbane-based coal and gas company denied withholding sensitive information to the market, and attributed the jump to information shared with shareholders at its AGM last month.
“The company is not aware of any other explanation for the price change, but we note the increase in volume of trading in the company’s securities since the date of the company’s annual general meeting on 29 November,” it said.
“The company has also advised the market of further progress in the commercialisation of its clean energy technology in both sub-Saharan Africa … and Ukraine.”
It said it was in compliance with the listing rules.
Linc Energy chief executive Peter Bond told Bloomberg on Monday that it was in talks with Mr Abramovich, who owns investment company Millhouse LLC and London-based Chelsea Football Club, about opportunities for the company in Russia.
Shares in Linc rose 17.5 per cent on Tuesday to $1.04, and 9.2 per cent on Monday. So far they are up 11.5 per cent today.