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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Food: New National Science Challenge To Launch Research

What if New Zealand developed the next generation of foods that will help consumers maintain their health and protect them against diabetes, irritable bowel syndrome or chronic allergies? What if we could answer some big science questions – use that knowledge to develop foods with proven health benefits and boost our economy at the same time? More>>


Trade & Retail: Chinese Disaster Spells Quiet Season For NZ Fireworks Sales

In August, two massive explosions at a warehouse at the port in the port of Tianjin, Northern China, killing more than a hundred people and devastating large areas of the city. In the wake of the disaster, Chinese authorities rushed to regulate the distribution of all dangerous goods... More>>



Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news