NZX asks Pushpay to 'please explain' 39% share price rally

Tuesday 22nd March 2016

Pushpay Holdings says it has no material information to declare to the market, in response to a 'please explain' notice from the NZX over a 39 percent gain in the share price.

The stock market operator queried the movement in Pushpay's shares when they rose to $2.25 from $1.62 between March 14 and March 22. Since then, the company hasn't announced anything to the market to explain the advance, and responded to the notice by confirming it complies with all continuous disclosure obligations.

The mobile payments app developer's shares recently traded at $2.28, up 6.1 percent today.

Pushpay was sent a similar notice in December 2015, after its shares slumped 22 percent to $5.85 between Dec. 9 and Dec. 22. It announced a share split on Jan. 13, meaning shareholders received four new shares for every one existing share held on Feb. 5.

That same day, the company said it saw revenue in the final quarter of last year increase to $20.4 million, and was confident of achieving its medium-term target of exceeding $100 million of merchant annualised committed monthly revenue by August 2018.

Pushpay provides mobile commerce tools that help make payments easy between consumers and merchants and is geared to mobile charitable giving. It’s targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises.

The company listed on the New Zealand Alternative Index on Aug. 14, 2014, with shares priced at $1, and moved to the main board on Jun. 9 2015.

BusinessDesk.co.nz

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