You can't say you weren't warned. Shares in finance group Davenham have more than doubled despite the company repeating its view there was unlikely to be any value for ordinary shareholders.
In June Davenham decided to stop writing new business and - with the support of its banking syndicate - said it would collect in its loan books. It added then:
The board considered (having consulted with Hawkpoint Parnters) that there was likely to be no value for ordinary shareholders in the company.
But despite this, and the subsequent rise in its shares, the company has this afternoon repeated its line about there being no value in the ordinary shares. It said the board was not aware of any developments in relation to the company, its financial position or prospects which would make it reconsider that view.
It seems some people are not convinced though - the shares surged even higher after today's statement came out.
