The junior AIM echoed to the sound of a slamming stable door this morning as trading in the shares of oil explorer Leyshon Resources was suspended one day after they had jumped a staggering 60% in value.
Investors were left somewhat bemused because the AIM suspension came a day after the shares had been suspended on the Australian stock exchange.
For 24 hours London investors were able to trade shares which were untradable Down Under.
They made hay while the Aussies slept. More than 21 million Leyshon shares changed hands on AIM, which is roughly 10 times the normal daily average volume. All the speculation surrounds the group’s drilling prospects on the edge of the Ordos Basin, China’s second-largest gas-producing onshore field.
On Thursday, when Australian trading was suspended, Leyshon said it expected to announce drilling results before the market opens on Monday.
Today as the AIM suspension took place it added it had now “received preliminary information in connection with the drilling results”.
The firm’s financial advisers Seymour Pierce pointed out that there were differences between ASX and AIM rules, with AIM encouraging trade to continue so long as there was no risk of inside information being out in the market.
