Scitec MD at a loss to explain soaring share pricePhilip Sim

Scitec MD at a loss to explain soaring share pricePhilip Sim

Speculation about the future of Australian networking vendor and services provider Scitec erupted last week when the company's stock price shot through the roof.

The shares, which sold for 17 cents on January 27, hit a top of 29 cents on January 29 after trading in more than 10 times the usual volume. It prompted the Australian Stock Exchange to query Scitec as to the reason for the movement. Scitec was unable to give any reason. The industry rumour mill has speculated that Scitec is a likely candidate for take- over and a variety of candidates, including integrator Anite, have been suggested as possible suitors.

However, managing director Paul Magee told Australian Reseller News that Scitec was not presently in merger or acquisition discussions with any party.

"I have no idea what the reason for the rise is," he said.

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