Iron ore miner, Fortescue Metals (FMG) rose as much as 12.5% on Friday after the company has undergone reorganisation of capital where each share has been split into ten.
Whilst the reorganisation is being undertaken, the securities are being traded on a deferred settlement basis and the ASX code is FMGDA.
It will resume trading under the code of FMG on 7 January 2008.
Trading commenced in the reorganised securities on a deferred settlement basis on 19 December at $6.00, only to reach today's high of $8.15 after consecutive rises over the past six trading days.
The cheaper price is perceived as more accessible to smaller investors.
Fortescue Metals' primary objective is exploring and developing iron ore in the Pilbara region in Western Australia.
The Perth-based company has over 2.4 billion tonnes of Resources, including 1.1 billion tonnes of Reserves already delineated from less than 10% of its 40,000 square kilometres of tenements, the largest in the Pilbara.
