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

 


Moa float's $1M public pool scaled after oversubscription

Moa float's $1M public pool scaled after oversubscription ahead of today's listing

By Paul McBeth

Nov. 13 (BusinessDesk) - Moa Group, the boutique beer maker doing New Zealand’s first initial public offering of the year, will scale its $1 million public pool of shares after the offer was oversubscribed ahead of listing today.

The company raised $16 million, $15 million of which came from institutional investors and clients of NZX firms, and a further $1 million from the public, which was overbid by 124 percent, it said in a statement. The shares, sold at $1.25 apiece, will list at midday in Wellington.

Priority was given to investors in the public pool of shares pre-registered for the offer, with the remainder missing out.

"We are delighted with the support for the offer from all investors, however we simply can't satisfy all applications," chief executive Geoff Ross said. "With the Moa listing set to proceed today, we hope these people can support Moa post listing by looking to buy on-market and enjoying the Moa range of beers."

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

 

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news