Please explain: Seven West Media shares up

The ASX has sent a note to Seven West Media asking for an explanation around a sudden rise in its shares.

“We also note the significant increase in the volume of SWM’s securities traded,” the ASX said.

The company replied that it wasn’t aware of any information not announced to the market which could explain the recent trading.

SWM also confirmed that it was complying with listing rules.

The company has recently sold Pacific Magazines, Redwave radio and its WA property in Osborne Park. There is also media speculation around Seven Studios, Seven Studios UK, Slim TV in London, GSTV in New Zealand and a 50 per cent stake in 7Beyond.

Shares are currently trading at 13.c after being at 8.6c on Monday.

Source: AdNews

5 Comments:

  1. Couldn’t agree more. Seven selling assets may provide a sugar hit in the short term, but in the long term, it may come back to bite them in the area where the sun doesn’t shine, and may actually be worse for Seven.

  2. harrypotter1994

    I watched Oliver Stone’s Wall Street on Monday night (SBS World Movies) so this is rather amusing to me.

    As a side note, I realise Seven need to make money but selling all their assets is really a short term gain. Not sure where they go to from here.

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