Blackpearl's chief financial officer told RegCo the company is in compliance with the relevant rules. (file picture) Photo: piren/123RF
The realities of life as a listed stock exchange company have come early for newly listed Blackpearl Group.
The NZX's regulatory arm - RegCo - has queried a slump in the email service company's shareprice since it debuted less than a week ago.
Blackpearl listed at $1.25 a share on 2 December but closed on 7 December at 42 cents. It has since fallen to 40 cents.
"This represents a fall of 68 percent over the four trading days it has been listed. Given this fall in the price of BPG shares, please advise NZ RegCo whether BPG [Blackpearl Group] continues to comply with Listing Rule 3.1.1," RegCo's head of surveillance, Phil Solarz, wrote to the company.
The rule cited relates to the disclosure of "material information", which is required to be released promptly and without delay.
A further rule highlighted in Solarz's release was the obligation of a company to release information to prevent a false market being created or sustained in the trading of its shares.
In reply, Blackpearl's chief financial officer said the company was in compliance with the relevant rules.
The company's major shareholders are VTPE Investments of Scottsdale Arizona in the United States, with a 12.9 percent stake, and Blackpearl Group chief executive Nick Lissette having a 10.2 percent stake through a holding company called Teamwork Group.
Other significant shareholders include prominent businessman Sir Owen Glenn and the Accident Compensation Corporation, with a wide spread of smaller New Zealand, US, and British-based investors.
