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

 

A2 Corp’s Babidge, Mair trim holdings as price surges

A2 Corp’s Babidge, Mair take advantage of soaring price to sell 6M shares

Sept. 4 (BusinessDesk) – A2 Corp managing director Geoffrey Babidge and director David Mair have taken of a 38 percent surge in the share price of the dairy marketing company to trim their holdings.

Babidge’s GHB Investment Trust sold 4 million shares, leaving it with 6 million, the Sydney-based company said in a statement. Mair’s DM2 Investment Trust sold 2 million shares, leaving it with 5 million. Combined the sales amounted to 0.9 percent of shares on issue.

Babidge was issued with 10 million partly paid shares at an issue price of 10 cents apiece in August 2010 and Mair got his 5 million shares on the same basis in 2009, when he was an executive director.

Two trades of 4 million and 2 million shares are recorded pre-market today at 70.5 cents a share, or a total of $4.2 million, making it the heaviest daily volume since March.

The two trusts don’t plan to sell more shares in the foreseeable future, the company said.

Babidge’s holdings are to be topped up again, as the board has conditionally approved the issue of a further 5 million partly paid shares, subject to shareholder approval at their annual meeting on Nov. 19.

Last month A2, which markets milk products with a protein variant claimed to have health benefits, reported a 6.5 percent decline in annual profit as the cost of setting up its UK joint venture ate into the bottom line. It didn’t declare a dividend. Sales jumped 48 percent in Australia, its biggest market.

A2 shares fell 2.7 percent to 73 cents today.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>