Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Moa IPO hits 'moment of manhood' after reaching $16M limit

Moa IPO hits 'moment of manhood' after reaching $16M limit

By Paul McBeth

Nov. 2 (BusinessDesk) - Moa Group, the boutique beer maker in the first initial public offer of the year, has closed its public pool early after reaching its $16 million capital raising target, effectively thumbing its nose at naysayers who sneered at the racy photos and advertising in the investment statement.

The company raised $15 million from institutional investors and clients of NZX firms, plus an extra $1 million from the public pool at a $1.25 apiece, it said in a statement. Investors who didn't pre-register by 5pm today missed out, Moa said.

"We are delighted with the support for the offer - from brokers, institutions and the broader public," chief executive Geoff Ross said. "Unfortunately we simply can't satisfy all applications, but do hope these people will join post listing and continue to enjoy the Moa range of beers."

At the time of the offer, Ross told BusinessDesk the document targeted the 30 to 50 year-old, high income men that Moa seeks as both customers and investors as it pushes to create an identifiably New Zealand brand in the fast-growing boutique beer market, especially the US.

"It is somewhat Mad Men," he said, appealing to "men who want moments of manhood."

The investment statement's advertising and questionable photographs of women in school-girl uniforms raised eyebrows, but got the all-clear from the Financial Markets Authority.

Moa needs the money to build a new $6.1 million brewing facility, and cover the $1.6 million cost of the float. It expects it will burn through about $4.4 million of that cash by the end of the 2014 financial year, leaving it with cash of $2.9 million.

The float includes limited recourse loans for the purchase of $1.1 million of redeemable shares under the offer issued at the offer price by Ross, and $525,000 of similar arrangements for other employees.

Ross was the founder and chief executive of 42 Below, which was a listed company for three years prior to its sale to Bacardi in late 2006. His shares vest if the stock price beats 2.2 times the offer price, or $2.75, for 20 trading todays in the third year after the float.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Three Months On: Quake Reciovery In Kaikōura And Elsewhere

Three months after the magnitude 7.8 earthquake on 14 November, encouraging recovery progress is being made in affected communities. More>>

ALSO:

Jetstar, Qantas For Govt Transport: Government Still In Talks With Air NZ

The government is still negotiating with national carrier Air New Zealand in a cross-agency air travel contract that will add a number of new airlines to the list of approved flyers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news