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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news