NZ: Vodka producer opens to difficult start
After a turbulent days' trading, where 1.2 million shares changed hands, worth NZ$520,000, the stock eventually closed at 38c, 12c down on its initial public offer price of 50c a share.
Unfortunately for the group this was not the end of the difficult start to trading after it was reported in the country's paper the Dominion Post today that one investor has complained to the Stock Exchange about the claims by the company in its prospectus that its products are New Zealand-made.
The Post said 42 Below chief executive Geoff Ross denied the prospectus was inaccurate, but confirmed the company imported ethanol and wheat from Australia.
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