Thursday 10th November 2011
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Trade Me founder Sam Morgan and Max clothing chain founder David Wright have increased their holdings in Ecoya, the scented candle and skin-care products company, through a $1.15 million placement of new shares.
Morgan, Wright’s Miromutu Trust and a local fund manager bought 1.28 million shares at 90 cents apiece, amounting to about 2.5 percent of the company, it said in a statement to the NZX. That’s a 7.2 percent discount to the company’s most recent trade on the NZX.
Separately Air New Zealand chief executive Rob Fyfe, who is also a director of Ecoya, increased his holding by purchasing 277,778 shares from founder Craig Schweighhoffer.
Ecoya shares last changed hands on the NZX at 97 cents, valuing the company at $49.7 million, and have gained 49 percent this year.
Ecoya’s backers include executive chairman Geoff Ross, who drove the successful global rollout of the 42 Below vodka brand, and are hoping for similar success marketing candles and skin-care products.
Ecoya gained an existing distribution network with the acquisition of skin-care products company Trilogy for $10 million cash and earn-out payments of as much as $10 million. Trilogy chief executive and founder Sara Gibbs subsequently joined the Ecoya board.
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