E-phone share rise questioned

E-phone shares rose 7 cents on Tuesday on one million plus turnover, opening at 26 cents and closing at 33 - a one-day rise of 32%.

E-phone says it knows of no reason for the price increase.

It told the market that no statement has been made by any director to any person which ought to have been made public, nor is there any transaction concluded that would in the opinion of the company result in the increase in the price of the company's shares.

However the statement to the market also notes that "the company is in the process of concluding a commercial arrangement, and an announcement in relation to this will be made within the next few days."

Just last week E-phone confirmed a market placement of nearly 3 million shares at 20.5 cents per share, bringing its total number of issued shares to 115 million.

The purpose of the placement was to raise working capital for the development of new. In the period of 5 days prior to the placement the company's shares were trading in the range of 24 to 29 cents.

E-phone's closed Wednesday's trade at 33 cents on turnover of 1.2 million shares.

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