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


Blis to clean up share register, buying small parcels

Blis to clean up share register, buying shares held by up to two thirds of investors

Dec. 21 (BusinessDesk) – Blis Technologies, the NZX-listed biotech company, has given three months’ notice of a plan to mop up small shareholdings to cut costs, a move affecting 63 percent of its current investors.

The company has got permission from the NZX to set 25,000 shares as the minimum holding. That accounts for almost two third of its shareholders who own a total of 1.73 percent of the company.

At today’s price of 1.1 cents, 25,000 shares are worth just $275. The shares have dropped 66 percent this year.

“In its examination of all avenues available to reduce administration expenses Blis has established that the cost of servicing small shareholdings is disproportionate to the underlying value of the share parcels,” the Dunedin-based company said in a statement.

Holders of less than 25,000 shares as at March 21 will have their shares sold by a broker instructed by Blis and receive the proceeds “after deduction of reasonable sale expenses.”

The company said shareholders have three choices – buy enough shares to lift their stake above 25,000 shares, donate their holding to the charity Cure Kids or do nothing and see their holding sold.

Blis Technologies, the NZX-listed biotechnology company, widened its forecast 2013 loss and launched a share purchase plan and placement in a bid to raise up to $1.5 million.

In August, Blis warned that its loss for the year ending March 31 may be $1.3 million, up from previous guidance of a loss of $800,000. In October it raised $1.3 million via a share purchase plan and a placement at 0.7 cents apiece.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Sweet Health: Sugary Drinks Banned From Hospitals And Health Boards

All hospitals and DHBs are expected to kick sugary drinks out of their premises. University of Auckland researcher, Dr Gerhard Sundborn who also heads public health advocacy group “FIZZ”, says he welcomes the initiative. More>>


NASA: Evidence Of Liquid Water On Today's Mars

Using an imaging spectrometer on MRO, researchers detected signatures of hydrated minerals on slopes where mysterious streaks are seen on the Red Planet. These darkish streaks appear to ebb and flow over time. More>>


Bird Brains: Robins Can Just Be Generally Clever

Research from Victoria University of Wellington has revealed that birds may possess a ‘general intelligence’ similar to humans, with some individuals able to excel in multiple cognitive tests. More>>


Psa-V: Positive Result On Whangarei Kiwifruit Orchard

Kiwifruit Vine Health (KVH) has received a Psa-V positive test result on Hort16A and male vines on a kiwifruit orchard in Whangarei. This is the first confirmed case of Psa-V on an orchard in the Whangarei region. More>>

Regional Accents: Are Microbes The Key To Geographical Differences In Wine?

A new study of six of New Zealand’s major wine-growing regions has found that differences in flavour and aroma of wine from different areas may depend more on microbes than was previously thought. More>>


Science: AgResearch To Cut Science Staff In Areas Of 'Reduced Demand'

“We are therefore consulting with our staff from today on a proposal to reduce science staff in areas of shrinking demand. Combined with recruitment planned in areas of growing demand, this would mean a net reduction of 15 scientists and 41 technicians at AgResearch in the 2015/16 year." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news