Gas Turbine Efficiency surges

10th Mar 2011 13:25

Bombed-out engine cleaner Gas Turbine Efficiency almost quadrupled in price Thursday, forcing the firm to deny any new developments were in the pipeline."Further to recent share price movement, the company announces that there have been no new developments since the company announced on 1 March 2011 that it had entered into a restructuring agreement with its principal loan note holders," read a statement.The group, whose equipment cleans aero engines and industrial gas turbines to make them more efficient, said then that the restructuring meant it could continue to explore strategic options.That includes a sale of the company while continuing to develop its business and operations.Gas Turbine's shares closed last night at 0.7p, but hit a high of 2.7p at lunchtime. They've since pulled back a bit, but are still up 100% on the day.The shares were worth 30p in September 2009 and 10p a year later.