Quiet listing

By Chris Hutching

Friday 22nd November 2002

Dunedin biotechnology company Botry-Zen, founded by southern entrepreneur Howard Paterson, listed on the Stock Exchange on Wednesday at 14c in quiet trading.

Brokers said investors keen on the stock had already bought shares in recent months when the price reached a high of 20c. Listed Southern Capital, another in Mr Paterson's stable, owns 4.3% of the 166,666,666 shares on issue bought at 10c a share.

Botry-Zen manufactures a biological control against fruit fungus Botrytis cinerea, which often affects grapevines. The company forecasts sales of $1.2 million next year and a $135,000 profit in the year to March 31, 2004, but expects a $926,000 shortfall this year as it sets up operations.

Botry-Zen was initially floated last year to private investors in a $5 million capital raising. In July it was granted registration for grape application under the Pesticides Act.

Comments from our readers

No comments yet