Sharechat Logo

Bakery boys end up holding 65% of Ecoya stock, 29% of warrants after underwrite

Monday 10th May 2010

Text too small?

Ecoya’s underwriter, Business Bakery LP, has ended up owning 65% of the scented candle maker after chipping in as underwriter to ensure its initial public offering met its target of $10 million.

Business Bakery owns 27.9 million of Ecoya’s 43.1 million shares on issue, according to a substantial security holder notice today.

It was granted about 720,693, or 29% of Ecoya’s Series 1 warrants and the same amount of the Series 2 warrants, the filing shows. 

Ecoya raised $10.1 million in its IPO at $1 apiece. The shares last traded at 99 cents.

Business Bakery is the investment vehicle of 42 below founders Geoff Ross, Grant Baker and Stephen Sinclair, whose shares are subject to a lock-up until Ecoya has posted its March 2011 results.  

Ecoya’s 2011 earnings are forecast at $8 million, according to the prospectus, up from $3.9 million in the year ended March 31. 

Business Bakery subscribed for 100 shares on Ecoya’s incorporation and for 27.4 million shares on December 31, capitalising $2.9 million of shareholder advances.

The shares were consolidated down to $25 million on March 24 and Business Bakery subscribed for 2.88 million shares in the IPO. 

 

 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Winton announces timing of its Annual Results
Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report
VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment