Dunedin-based Blis Technologies may be in line to receive
a ''please explain'' notice from the New Zealand Stock
Exchange, following massive increases in share trading volumes
and a boost in its flagging share price.
Blis shares, which historically trades around 100,000 daily,
had had volumes of more than 1 million during each of the
past three days, Craigs Investment Partners broker Greg
In late December, Blis announced it was was administratively
too expensive to have shareholders with fewer than 25,000
shares, and they struck a minimum determination from the NZX,
offering to buy them, donate the holding to Cure Kids, or let
shareholders purchase more shares to beyond the 25,000
minimum now required.
Blis, which sells a probiotic for bad breath and sore
throats, has posted eight consecutive losses, totalling $8
million, since it listed in 2004, but in a private placement
and shareholder purchase plan last October raised $1.31
Mr Easton said while some clients had bought shares to reach
the minimum 25,000 threshold, it did not account for the
several million which had changed hands in recent days.
He expected the NZX was ''likely'' to issue a ''please
explain'' notice to Blis, over the volumes of shares traded.
In general, companies must respond as to whether there has
been a material change to their business which has affected
share prices or volumes.
Blis shares had moved from 2c to 3.2c yesterday. The shares
hit a high of 4.2c in February last year. For two-thirds of
the year they traded around 1c before beginning to retrace
losses from late December.
Blis has forecast its result for the year to March as a loss
of o $1.3 million, and says more shareholder funds may be
required next year.