Beleagured real estate group, Valad Property, has told the Stock Exchange it has no idea of the reasons behind the sudden spike in its securities price.
Valad was today issued with a price query after its rise from 4.2 cents on the close Thursday, April 16 to a close yesterday of 5.8 cents on higher-than-average turnover.
They were recently trading at 5.1 cents, down .07 cents or 12%.
There has been persistent speculation that, at these prices, Valad is a sitting takeover target. Competitors, such as Dexus Property, have been named as possible suitors, but so far nothing has emerged.