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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news