Imaginatik share price rockets as board notes rumour

The board of Imaginatik acknowledged the existence of a swirling rumour on Wednesday, but added little clarity to the situation as its share price rocketed ahead.

On Tuesday, it was reported that the controversial former head of Quindell, Rob Terry, was secretly building up a large stake in the AIM-traded management software firm with a view to making a takeover bid.

He had displayed similar ambitions last year when his vehicle Quob Park Estate built up a 15.1% stake in the firm, before he transferred it to another outfit called Quob Park Technologies in January, which disposed of the holding.

The reports - which came from a number of unverified sources - said Terry had instructed his brokers to buy as many shares in Imaginatik as possible for under 2p a piece.

Early on Wednesday afternoon, Imaginatik’s board issued a short statement noting the press speculation, adding little clarity to the story.

“Imaginatik notes the recent press speculation and price movement, and other than this rumour knows of no other reason for the share price movement,” the board said.

At 1435 BST, shares in Imaginatik were up 72.5% at 3.45p.