The investment company's shares were up as much as 30% to $1.23 before they were halted.
Though, this is little consolation for longer term shareholders. Even after today's remarkable gain, this ASX share is down over 75% since this time last year.
Why is this ASX share rocketing higher?
Investors were bidding this ASX share higher today after one of its major investments revealed that a material announcement would be coming this week.
That investment is in fellow ASX share, Li-S Energy Ltd (ASX: LIS). It is a battery technology company that is aiming to develop new lithium sulfur and lithium metal batteries to power the world's future energy needs.
This morning, Li-S Energy requested a trading halt until the earlier of the commence of trade on Wednesday or the release of an announcement. The latter will be something material according to its request. It commented:
The Company requests the trading halt pending a material announcement in relation to research and development results.
Judging by the performance of the PPK share price today, some investors appear to believe something exciting will be announced that drives the Li-S Energy share price higher, dragging the PPK share price along with it.
At the last count, PPK owned approximately 45% of Li-S Energy. This values its investment at roughly $19.2 million. As a comparison, following its strong gain today, the PPK market capitalisation now stands at almost $110 million.
On Wednesday (or potentially earlier) we will find out whether this news was worthy of driving this ASX share 30% higher today.