- Shares in Agritech developer Papyrus Australia (PPY) spiked this morning after the company released its shareholder annual report
- Today's non-price-sensitive (NPS) news, which mirrors the financials Papyrus released on September 30, triggered a 25 per cent jump in PPY shares
- Over FY20, Papyrus deepened its comprehensive loss, while its cash reserves dropped to $28,142
- Despite this, shares on the ASX rose to trade for 6.5 cents at one point today
- Ultimately, it was enough for the ASX to issue a speeding ticket questioning the spike, but Papyrus said there was nothing out of the ordinary
- In early afternoon trade, Papyrus shares are up 26.3 per cent, trading for 4.8 cents per share
Shares in Agritech developer Papyrus Australia (PPY) spiked this morning after the company released its shareholder annual report.
The materials stock, which is based in South Australia, is developing technology that uses the trunk from the banana palm to make a wood alternative, which can be used in paper and furniture products.
Originally, Papyrus's full-year accounts were released to the market on September 30, but today's announcement was labelled as a shareholder release. As a result, this morning's news was marked as non-price sensitive, but the announcement was still followed by a share price spike.
Over FY20, Papyrus tabled a $133,735 loss — an increase on the $109,781 loss recorded in FY19.
From an operational standpoint the company received just $4,599 in customer receipts over FY20, but had to cough up $219,964 in supplier and employee payments. During the year, also spent $260,000 on investment activities.
At the end of the financial year, Papyrus had $28,142 in cash reserves, down from the $34,072 in the bank at the end of FY19.
PPY stock soars
Despite the results, Papyrus shares rose into the green on Friday. At one stage, the stock jumped to 6.5 cents per share — at Thursday's close, PPY shares were worth 3.8 cents each.
Ultimately, it was enough for the ASX to issue a speeding ticket questioning the spike.
In its query, the sharemarket operator asked the company why its share price had risen from a 1.8 cent low to a 6.5 cent high since October 5. Since that date, Papyrus hasn't released any price-sensitive news to the market.
However, in its response to the ASX, Papyrus maintained there was no information which could explain the share price spike.
"There is no material information that requires an announcement to be made, the company continues to maintain its continuous disclosure requirements in
accordance with the ASX Listing Rules," PPY stated in this afternoon's response.
In early afternoon trade, Papyrus shares are up 26.3 per cent, trading for 4.8 cents at 1:27 pm AEST.