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

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news