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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 Easton said.
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 million.
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.