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


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news