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Boutique brewer Moa in $15m pre-Christmas IPO

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Boutique brewer Moa in $15m pre-Christmas IPO

Postby Share Investor » 01 Oct 2012 11:50

Monday October 01, 2012


(BusinessDesk) Beer enthusiasts will get a new opportunity to "drink the profits" by subscribing for shares in the Moa Group, which is planning a $15 million NZX float by the end of the month.

EarlIer

Headquartered in Auckland but brewing in Marlborough since 2004, the award-winning brewery is allied to the Business Bakery, a venture capital investor involving Geoff Ross, a serial entrepreneur who launched the 42 Below vodka brand, sold to Bacardi for $138 million, and Ecoya [NZX:ECO], which listed on the NZX in May 2010.

On July 6, NBR reported Moa was seeking $20 million from investment banks.

The Moa announcement is the first of up to three rumoured pre-Christmas IPOs for the NZX.

Companies Office records show the largest shareholder in Moa is Pioneer Capital, a venture capital fund that has attracted government support through its New Zealand Venture Investment Fund, which holds 44.5%.

The Business Bakery is recorded as holding a further 36.4% and the Allan Scott winemaking company holds a further 14.1%. The three major shareholders own some 95% of the company.

Proceeds of the proposed float will be used to build a larger brewery, along with increasing working capital and funds for marketing.

Expressions of interest are being sought through a website, www.ownabrewery.co.nz, until Tuesday, October 9, with retail, institutional and existing shareholders all eligible to participate. No money is yet sought.

The site does not provide any financials.

The IPO is subject to acceptance of its shares for listing by NZX and there will be a small provision for over-subscription.

Joint lead managers appointed for the offer are Craigs Investment Partners and Forsyth Barr.
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Moa wants to raise $15m in IPO

Postby Share Investor » 01 Oct 2012 12:00

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The owners of Marlborough-based Moa Brewing Co are considering a stock exchange float to raise $15 million to expand its Jacksons Rd brewery.

Chief executive Geoff Ross was in Marlborough on Friday and said the firm needed a bigger brewery to meet growing demand, and funding to support increased working capital and marketing.

The proposed offer would take place in late October with the aim of raising $15m.

The possibility of a share float is the next major step for the craft brewery, which was founded in 2004 by Josh Scott, of Blenheim. Mr Scott remains an executive brewer although he holds only a minority interest in the company.

His family owns Blenheim-based Allan Scott Wines.

The potential float follows a successful year for Moa, whose brew was the official beer at Kiwi House - the pop-up pub set up by the New Zealand Olympic Committee in London.

Moa signed up with a NZ distribution partner, Australia-based Treasury Wine Estates last month, which will help provide a gateway to many more potential markets for the company.

The company has not yet applied for resource consent for its brewery expansion, and will not give details of its plans, but it is understood the footprint of the plant will not increase by much.

Head brewer David Nicholls said they employ nine fulltime staff at the Jacksons Rd brewery and tasting room, and another 10 staff in their head office in Auckland.

Operating efficiencies were expected to increase production without a significant increase of staff, he said.

Mr Scott is keen for Moa production to remain in Marlborough as he believes the unique flavour and characteristics can only be produced in the region, and it is an important part of their company's story, he said.

Potential shareholders can pre-register interest at ownabrewery.co.nz from today until October 9.
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Big thirst for Moa float

Postby Share Investor » 02 Oct 2012 11:32

Backing of 42 Below founder Geoff Ross will spur interest in listing, says commentator.


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Moa exports to the US, Singapore, Hong Kong and Vietnam. Photo / Greg Bowker

Moa's proposed stock exchange listing is highly likely to go ahead this month and should be well received by investors, given the craft beer brewer's star backing by 42 Below founder Geoff Ross, market sources say.

The company is considering a share offer to the public, institutions and existing shareholders, including the Business Bakery - which is co-owned by Ross and has a 42 per cent stake - Pioneer Capital and Allan Scott Wines.

Capital raised through the proposed offer, which would look to raise $15 million, would fund an expansion of its brewery, as well as support an increase in working capital and marketing.

The offer is conditional on the NZX accepting Moa's shares for listing, according to the company, which has its head office in Auckland and brewery in Blenheim.

If the listing goes ahead it will give New Zealand a locally listed brewery for the first time since Auckland-based brewing giant Lion delisted from the NZX in 2009 following its acquisition by Kirin, a Japanese brewer.


Backing of 42 Below founder Geoff Ross will spur interest in listing, says commentator.

Moa's proposed stock exchange listing is highly likely to go ahead this month and should be well received by investors, given the craft beer brewer's star backing by 42 Below founder Geoff Ross, market sources say.

The company is considering a share offer to the public, institutions and existing shareholders, including the Business Bakery - which is co-owned by Ross and has a 42 per cent stake - Pioneer Capital and Allan Scott Wines.

Capital raised through the proposed offer, which would look to raise $15 million, would fund an expansion of its brewery, as well as support an increase in working capital and marketing.

The offer is conditional on the NZX accepting Moa's shares for listing, according to the company, which has its head office in Auckland and brewery in Blenheim.

If the listing goes ahead it will give New Zealand a locally listed brewery for the first time since Auckland-based brewing giant Lion delisted from the NZX in 2009 following its acquisition by Kirin, a Japanese brewer.

Article continues below

It would be the third listing on the local stock exchange this year, after Malaysian internet services provider MyKris in January and mobile software developer VMob in August.

One industry source said Moa's proposed float was "definitely going ahead".

Unlike other ventures Ross has been involved in - such as NZX-listed scented candle marketer Ecoya and vodka maker 42 Below, which was also listed before its $138 million sale to Bacardi in 2006 - Moa had real substance, rather than being "pure marketing", the source said.

"This is actual content as well as marketing ... it's the kind of product that will have a lot of appeal [to investors]."

Earlier this year Moa general manager Gareth Hughes said the firm was seeing very strong growth, with domestic sales doubling year-on-year and export revenue surging by close to 200 per cent a year.

Its export markets include the United States, Australia, Singapore, Hong Kong, Cambodia and Vietnam.

And the company is taking its first steps into China, having sent its first container-load to that country last month.

Market commentator Arthur Lim said Ross' track record with 42 Below and Ecoya, whose shares have gained around 30 per cent since its 2010 float, meant there would be strong interest in Moa's listing.

But he also warned that investors needed to be careful when following "smart operators" who often pushed the envelope too far at some point.

Another market source said investors in Moa, should it list, could be facing a long wait for a return on their investment.

"It's got a long way to go before it delivers on the dream."

Lim said Moa could become the target of a takeover if it grew to a sufficient size.

"A takeover would be part of the attraction for those that are looking [to invest in Moa]," he said.

Franceska Banga, chief executive of the Government-backed New Zealand Venture Investment Fund, which has an interest in Moa through its investment in Pioneer Capital, said that the craft beer maker's announcement yesterday was "very encouraging".


Moa

*Founded in 2003 by Josh Scott, son of Marlborough winemaker Alan Scott

*Brewing operations in Blenheim, with head office in Auckland

*Considering an NZX listing to raise $15 million
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Media Conference Advisory

Postby Share Investor » 10 Oct 2012 08:50

Moa Group Limited invites you to attend a media conference for an update on its proposed initial public offering on the NZSX. Full details of pricing and demand will be revealed.

CEO Geoff Ross will be in attendance and available for one on one interviews following the formalities.

Date: Thursday 11 October
Venue: 1885 Basement Bar, 27 Galway St, Britomart
Time: 10.45am for an 11am start

Please RSVP to confirm your attendance and indicate if you would like to schedule a one on one interview with Geoff: [email protected], 09 918 5534, 021 075 7911.



Images and B-Roll footage will be available on request at the event.

Kind regards,
Candice
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Moa to register prospectus for listing to raise $15 million

Postby Share Investor » 11 Oct 2012 08:48

By Christopher Adams
5:30 AM Thursday Oct 11, 2012

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Export sales growth for Moa beer is around 200 per cent a year. Photo / Supplied

Craft beer brewer Moa is expected to register the prospectus for its sharemarket listing today.

The company, which is looking to raise $15 million to fund an expansion of its Blenheim brewery, is holding a media conference this morning, during which new details about its initial public offering will be released.

A market source said the deal had been priced and was oversubscribed, with four institutions already committed to investing in the brewer.

A further $1 million in oversubscriptions is anticipated.

The Business Herald understands Moa is expected to be valued at between $18 million and $24 million before the float.

Last week the Auckland-headquartered company said the NZX listing, which would also fund increased working capital and marketing, would take place this month if it went ahead.

Moa's pre-float shareholders include the Business Bakery - which is co-owned by Moa chief executive Geoff Ross and has a 42 per cent stake - Pioneer Capital and Allan Scott Wines.

Earlier this year Moa general manager Gareth Hughes said the firm was seeing strong growth, with domestic sales doubling year-on-year and export revenue surging by close to 200 per cent a year.

Its export markets include the United States, Australia, Singapore, Hong Kong, Cambodia and Vietnam.

The company was founded in 2003 by Josh Scott, the son of well-known Marlborough winemaker Allan Scott.

The float will give New Zealand a locally listed brewery for the first time since Auckland-based brewing giant Lion delisted from the NZX in 2009 following its acquisition by Kirin, a Japanese brewer.

Craigs Investment Partners and Forsyth Barr are the joint lead managers for the Moa offer.
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MOA CONFIRMS IPO

Postby Share Investor » 11 Oct 2012 14:29

Prospectus seeks $15m from shareholders and public

Moa Beer Prospectus Oct 11 2012.pdf


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It’s confirmed: Kiwi investors will soon be able to own their own brewery.

Moa Group Limited today announced it will proceed with an issue of shares to institutions and the public to raise $15 million in an Initial Public Offering (“IPO”). Oversubscriptions of up to an additional $1 million are also being offered.

The Offer Price has been set at $1.25 per share following a bookbuild to institutional investors and NZX Firms on 9 October 2012. At this final price of $1.25, 12.8 million shares will be offered to the public (including oversubscriptions) with Moa expected to have a market capitalisation of approximately $38 million (including oversubscriptions) following conclusion of the IPO.

The Offer received strong support from brokers and a range of institutional investors together with further investment from the existing major shareholders the Business Bakery,

Pioneer Capital and Allan Scott Wines* as outlined in the Offer Document.

Moa CEO Geoff Ross, 42 Below founder and Ecoya Chairman, said the response from retail brokers and a range of New Zealand institutions had been extremely positive with the $15 million offer oversubscribed by 103% (just over twice the amount sought) at the bookbuild clearing price. Applications were scaled accordingly.

Ross states “this shows New Zealand investors believe in growing New Zealand businesses on the world stage. This is a vital component of growing greater export earnings.”

Moa directors have registered a prospectus, and approved an Investment Statement, each dated 11 October 2012 in relation to the IPO, a copy of which can be viewed at http://www.moabeer.com.

The Investment Statement is described by Mr Ross as being very ‘on brand’. It is also believed to be the first Investment Statement ever to contain paid third party advertisements with companies including Aston Martin, Working Style and Beretta taking advertising space.

Mr Ross stated the intention was to create a document people want to take the time to read properly and keep for years to come.

More than 1,500 New Zealand investors have pre-registered their interest in the issue on the website http://www.ownabrewery.co.nz. Joint Lead Managers Craigs Investment Partners and

Forsyth Barr have been fielding additional interest through their respective client bases and an 0800 number.

Moa is New Zealand’s first locally listed brewery since 2009 when Lion departed the bourse after being purchased by Japanese brewer Kirin. Moa plans to use the funds to build a bigger brewery and support increased working capital and marketing activities.

Alongside Geoff Ross, the Moa board includes chairman Grant Baker, chairman of Dorchester Pacific and an executive director of listed fragrance and skincare company Ecoya Limited.

Pioneer Capital investment director Craig Styris is a non-executive director of Moa as is Allan Scott, the founder of Allan Scott Wines and father of Moa founder and executive brewer Josh Scott.

Two independent directors are Alistair Ryan, a chartered accountant and former Sky City CFO, and Kim Ellis, a director on various boards including Freightways.

Mr Ross said “We have a very strong board, experienced in both the public markets and building growth companies along with a particularly skilled and motivated management team.”

The Offer will open on 19 October 2012 and close three weeks later on 8 November 2012. Listing and quotation is anticipated to occur on the NZX five days later on Tuesday 13 November 2012.

Prospective investors can contact either of the Joint Lead Managers, Craigs Investment Partners or Forsyth Barr, or any NZX firm for further information.

Ends


The Disclaimer:

Application has been made to NZX for permission to quote Moa’s Shares on the NZX Main Board and all the requirements of NZX that can be complied with on or before the date of this announcement have been complied with.

However, NZX accepts no responsibility for any statement in this announcement. NZX is a registered exchange, and the NZX Main Board is a registered market under the Securities Markets Act 1988.

Investors must receive a copy of the investment statement before subscribing under the Offer, and may only do so after the Offer has opened and only if FMA has not extended the “Consideration Period” under the Securities Act 1978. No person guarantees the securities offered.

Potential investors should read the Offer Documents carefully, and consult an authorised financial adviser for investment advice.

*None of the persons named (nor any other person) guarantees the Offer or the shares.

Issued for Moa Group Limited by Pead PR

Contacts:

Geoff Ross, CEO, Moa Group Limited, Mob: 021 424 219, email: [email protected]

Candice Robertson, Pead PR, Tel: 0-9-918 5534, Mob: 021 075 7911,

[email protected]


Moa Beer Prospectus Oct 11 2012.pdf




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Moa Beer says November listing on NZX

Postby Share Investor » 11 Oct 2012 15:23

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Craft beer brewer Moa has today confirmed it will be going ahead with a listing on the New Zealand Stock Exchange as it seeks to raise up to $16 million.

The company, which will use new capital to fund an expansion of its Blenheim brewery, announced details about its initial public offering at a media conference in Auckland this morning.

Shares will go on offer at $1.25 per share, open to institutions and the public from October 19 until November 8.

The shares are then expected to start trading on the NZX on November 13.

A total of 12.8 million shares, including oversubscriptions, will be offered to new and existing shareholders.

Moa expected to have a market capitalisation of approximately $38 million following the IPO.

Moa chief executive Geoff Ross said the response from retail brokers and a range of New Zealand institutions had been positive with the offer oversubscribed by 103 per cent.

A prospectus has been lodged with the NZX, he said.

Ross said it was an exciting day for the company, not just because it will become New Zealand's first locally listed brewery since 2009, when Lion delisted after being purchased by Japanese brewer Kirin.

"More importantly, we are about to take the first steps in taking New Zealand's beer brand global," he said.

Funds from the IPO will also be used to support increased working capital and marketing activities.

Moa's pre-float shareholders include the Business Bakery - which is co-owned by Moa chief executive Geoff Ross and has a 42 per cent stake - Pioneer Capital and Allan Scott Wines.

Following the IPO, the existing shareholders would own 61.58 per cent of 30.4 million total shares.

Earlier this year Moa general manager Gareth Hughes said the firm was seeing strong growth, with domestic sales doubling year-on-year and export revenue surging by close to 200 per cent a year.

Its main export markets include US - where it sells in 32 states - and Australia. Moa also exports to Finland, China, Singapore, Cambodia and Vietnam.

The company was founded in 2003 by Josh Scott, the son of well-known Marlborough winemaker Allan Scott.

Craigs Investment Partners and Forsyth Barr are the joint lead managers for the Moa offer.
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MOA OFFER SIGNIFICANTLY OVERSUBSCRIBED

Postby Share Investor » 13 Nov 2012 09:09

News release



Tuesday 13 November, 2012


Results in considerable scaling to the public pool


Moa Group Limited has completed allocations for its IPO in advance of quotation, which is expected to occur on the NZX Main Board at midday today under the code “MOA”.


The IPO comprised a raising of $15 million, by way of firm allocation to institutional investors and clients of NZX Firms, plus an additional amount of up to $1 million by way of a public pool. In light of oversubscription in applications made via the public pool, considerable scaling has been applied.


The $1 million public pool closed oversubscribed by 124% (over twice the amount sought).


Priority was given to those applicants who pre-registered for the offer. Unfortunately, those who applied under the public pool but did not pre-register will not receive an allocation of shares in the IPO and will have their application refunded in full.


Moa CEO Geoff Ross says, “We are delighted with the support for the offer from all investors; however we simply can't satisfy all applications. With the Moa listing set to proceed today, we hope these people can support Moa post listing by looking to buy on-market and enjoying the Moa range of beers.”


Applicants with a Common Shareholder Number and FIN can visit the Link Market Services Investor Centre at www.linkmarketservices.co.nz from 9.00am today to ascertain their allocation before trading of the shares commences at midday. Alternatively applicants can call the Share Registrar (Link Market Services) or their broker.


Craigs Investment Partners and Forsyth Barr acted as Joint Lead Managers to the offer. [1]



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