Pure Wafer shares jump on insurance settlement

1st May 2015 09:36

Shares in Pure Wafer soared as high as 84% on Friday, after the management services provider announced it had received an insurance settlement following a fire at its Swansea facility in December.The London-listed group said it planned to return the settlement to shareholders, although it added that there were a number of liabilities it needed to negotiate, describing the amount of the settlement as "potentially misleading".However, Pure Wafer stressed that the value of the return to shareholders was likely "significantly higher" than the average price of 59.59p, though it expected it to be below 125p per share.Pure Wafer shares were up 79.04% to 102.05p at 09:42 on Friday.