Globe says Timminco shares rebound
2008-04-24 07:44 ET - In the News
The Globe and Mail reports in its Thursday edition the shares of Timminco rebounded sharply in a volatile trading session Wednesday. The Globe's Andy Hoffman writes Timminco shares closed at $21.60 up $3.37 on the Toronto Stock Exchange after the company said there were no material developments to explain the wild movements in its stock.
The shares were battered by short sellers and questions about the economics of its process to purify silicon over the past week. Volume topped 12 million shares, making it the most heavily traded TSX issue.
The company said "it is not aware of any corporate developments to account for the recent trading activity." Timminco has not permitted analysts or independent experts to view its "breakthrough" process to produce silicon pure enough for use in solar cells. Executives from leading German cell maker Q-Cells AG, with which Timminco has won a supply contract, have visited Timminco's facilities. A Q-Cells spokesman said the material delivered by the company has been "very good." Heinz Schimmelbusch, Timminco's chief executive officer, told Dow Jones he could not say whether customers had witnessed the production process.