Amphibious boat manufacturer Sealegs can offer no explanation for a 21% drop in its share price last week.The company's shares dropped to 15 cents on Thursday, down four cents on the previous day and down seven cents – or 31% - since the start of th
Amphibious boat manufacturer Sealegs can offer no explanation for a 21% drop in its share price last week.
The company’s shares dropped to 15 cents on Thursday, down four cents on the previous day and down seven cents – or 31% - since the start of the month.
Its share price has sat comfortably above the 20c mark since August, before falling below it last week.
In response to the drop, the NZX asked the company on Friday if there was any material information that could have explained the drop.
But in his reply today, Sealegs chairman James Hill said there was no information being withheld by the company that could be responsible for the fall.
Trading in the company’s shares was relatively heavy on Friday, with 309,000 shares changing hands during the drop down to 15c.
The company’s full year result is still some months away, with its interim report in November revealing a loss of $784,000, after a previous six-month loss of $4.9 million.
NZX has not said if it will take the matter further.
