Acta unaware of reason for share price move
* Shares fall back to 33 pct up, having earlier doubled
* Says making progress with commercial partners
* Says new announcement would be made if material change
LONDON, July 22 (Reuters) – Aim-listed Italian fuel cell specialist Acta SpA (ACTAq.L) said on Thursday it was not aware of any reason for the recent movement in its share price, which has trebled since the start of the week.
Acta confirmed that it was “continuing to make progress with its various commercial partners despite a difficult economic background”.
Earlier, Chief Financial Officer Paul Barritt issued an emailed response to Reuters when asked about speculation the company may have received a takeover approach.
“Please let me refer you back to our trading announcement released on Friday last week which included all relevant and announceable information at that time. If there were to be any material change to this information we would of course publish this through a separate announcement,” he said.
Acta said last week it had received commercial interest in its water electrolyser technology which can be used as a recharger for fuel cell devices. It already has a development contract with a major unnamed Asian manufacturer and Japan’s Sumitomo Corporation (8053.T).
Shares in the company were up 33 percent at 17 pence by 1130GMT, having doubled in value earlier in the day.
(Reporting by Matt Scuffham; editing by Rhys Jones)
