Aquis Entertainment shares just rose by as much as 1,900pc in two days on no news
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Aquis Entertainment (ASX:AQS) has put BNPL stonks to shame with an eye-watering rally to end the week.
The ASX minnow is the owner of Canberra Casino. And its two-day price gain would probably rival the returns on your best ever night at a blackjack table.
On Thursday, the stock rose from 3.7c to 11.5 for a gain of 210.81 per cent.
That prompted a price query from the ASX, to which Aquis said it wasn’t aware of any information that would prompt such as move.
Since the opening bell rang this morning, the stock has ran off the hook.
AQS shares reached a high this morning of 75c — good enough for a return north of 550pc on the day more than 1,900pc since the close of trade on Wednesday.
A short time ago, they were still trading (no halts) and the price was holding above 50c.
Aquis Entertainment acquired the Canberra Casino in 2014 and refurbished it with a $14m investment program.
The company’s website says it has lodged a business case with the ACT Government to launch $307 million redevelopment that would see the Casino turned into a broader entertainment precinct.
AQS’ latest 4C filing for the December quarter showed the company booked cash receipts from customers of $9.354m, which flowed through to net operating cash inflows of $2.903m.
The company finished the quarter with $7.259m cash in the bank.
The cash receipts total for the December quarter was around 60 per cent higher than receipts generated through the whole first half of last year ($5.774m), which was interrupted by closures due to COVID-19.
Aquis’ half-year accounts to June 30 showed the company had net liabilities of $23,291m, largely due to loan amounts owing of more than $31m.
Addressing shareholders in July last year, company chairman Tony Fung said he was still optimistic that Aquis’ proposed redevelopment would come to fruition.
Hung said that as of 2019, the ACT government had “ceased dealing with us through the unsolicited bids framework”.
“To advance the intended redevelopment, we now need to work with the Government through the more flexible and workable Development Approval (DA) process,” he said.
Stockhead has contacted CEO Allison Gallagher for further comment on the company’s recent price action.