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

 


Blis blames share price spike on registry clean-up

Blis blames share price spike on registry clean-up of small parcels

By Paul McBeth

Jan. 10 (BusinessDesk) - Blis Technologies, the NZX-listed biotech company, is blaming a near-trebling in its share price on plans to tidy up its share registry by mopping up small holdings.

Chief executive Barry Richardson told the stock market supervisor it announced plans in December to put a minimum holding of 25,000 shares for its investors in a bid to cut administration costs, and that had probably caused the price spike.

NZX Market Services issued a 'please explain' after Blis shares climbed to 3 cents from 1.1 cents since the Dec. 21 announcement. The stock dropped 6.7 percent to 2.8 cents on the NZX today.

"Approximately 1,600 shareholders would be required to supplement their existing shareholding if they wish to continue to remain shareholders," Richardson said in a letter to NZX Market Services. "Due to the relative lack of liquidity in the market for Blis shares, shareholders who are seeking to top up their holdings may have influenced the market price."

Listed companies operate under continuous disclosure rules which mean they have to provide any information that could be material to its business and influence its share price.

Blis shareholders with parcels of fewer than 25,000 shares have until March 21 to top-up their stakes, otherwise their investment will be sold by a banker instructed by Blis, and fees will be deducted.

The Dunedin-based company expects to report an operating loss of $1.3 million in the year ending March 31, after posting a pre-tax and finance loss of $1.2 million in the 2012 financial year.

In October it raised $1.3 million via a share purchase plan and a placement at 0.7 cents apiece.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:


Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news