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NZX queries brewer's price fizz

NZN 13/07/2016 By Edwin Mitson

Marlborough-based brewer Moa Group has been hit with a price enquiry from NZX following a big jump in the price of its shares in the last few weeks.

Moa's share price has risen 47.5 per cent since June 27 to a peak of 87 cents from 59 cents.

In a letter published to the NZX on Wednesday, Moa's chief financial officer Geoff Copstick says the Blenheim company "continues to fully comply with all NZX Listing rules including the continuous disclosure of material information".

It turns out Moa Group executive director David Poole, who heads up the Australian sales team, has been buying shares on market in the company's recent rally.

Shareholder notices to the NZX show Mr Poole bought 23,019 shares for $31,323 on July 12 and 127,000 for $81,142 on June 29.

He now owns 374,323 shares in the company as a trustee of Poole Investment Trust. Mr Poole is also a related party of Moa's cornerstone shareholder, Business Bakery which owns 16 per cent of the brewer.

The shares rose 14 per cent to 84 cents on Wednesday.

They've risen 7.3 per cent since the start of the year and are up 138 per cent on a year ago.

They remain well below the initial public offering price of $1.25 achieved when Moa floated on the NZX in 2012.

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