Morvest Business Group: Shares gyrate after cautionary issued

Morvest Business Group shares rose 1c to 20c in mid-morning trade yesterday after the business support services provider said it was involved in discussions that could have a material impact on its share price. But they ended 1c down on the day at 18c. In August Morvest announced its intentions to expand into the rest of Africa and other parts of the world. It said the growth plan would be a key strategic objective over the next 12 to 18 months. The company was targeting emerging markets in areas including outsourcing, information and communications technology, resourcing, and training and education. The firm already has operations in South Africa, Mozambique, Nigeria, India and the United Arab Emirates. This is Morvest’s second cautionary this year. In September it withdrew a cautionary statement after cancelling talks with an unnamed party.