Fisher Paykel share price rise queried

A rise in the share price of Fisher & Paykel Appliances Ltd was queried by NZX Regulation today.

NZX Regulation asked the company if there was any reason why its share price had risen 15c between May 1 and May 6 to 63c.

The shares were at a year low of 36c on March 23. In February, the company cut its profit forecast and predicted bank debt would grow from $122m in March last year to $570m this year.

Chief financial office Mark Richardson said today the company was continuing to consider a range of alternatives to strengthen its balance sheet and it would release information as it became available.

The company was not aware of any specific reason for the increase in share price.

Fisher & Paykel Appliances has said it is looking for a cornerstone shareholder. The company said on April 28 that its banking syndicate has extend the date for repayment of an interim bank funding facility to May 29.

Fisher & Paykel Appliances shares were up 4c at 65 by early afternoon.

- NZPA