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

 

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news