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SYDNEY - Printing company PMP yesterday said it was continuing discussions with a private equity company about a possible takeover, after a second "please explain" from the stock exchange in two months.
The Sydney-based group was responding to a letter from the exchange querying a jump in PMP's shares from A$1.84 ($2.12) at the close of trading on Monday December 4, to a session high of A$2.07 yesterday.
In October, PMP's shares rose from A$1.49 to A$1.88 in the course of two days, prompting the first letter from the exchange.
PMP said it did not expect to receive any formal private equity proposal before "well into the first quarter of 2007" and that in any case a proposal may "ultimately not be forthcoming".
In August, PMP reported a net profit of A$33.24 million, up 6.2 per cent on the previous year.
- AAP
