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

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news