Most NBR member subscribers in a recent poll are unconvinced by options NBR ONLINE has put forward to turn Moa around.
Member subscribers were asked to pick from six ways management could turn the craft beer business around after a difficult week where shares plunged to their lowest.
On Wednesday Moa was labelled “unappealing” by Forsyth Barr due to disappointing sales, a shrinking cash pile and slow growth in offshore markets.
Pioneer Capital, which owns 24% of the company, and The Business Bakery, on 23%, have provided Moa with a letter of commitment to provide financial support
By Thursday shares plunged to almost a third of its listing price. The NZX-listed stock touched a record low of 40c, well below its $1.25 listing price.
Of six options, most poll participants – 31% – felt nothing could be done to turn the craft beer business turnaround.
The next biggest proportion – 16% - said more money from major shareholders was needed.
A smaller number, 14%, suggested a board refresh was needed.
Three other options, the proposed brewery expansion, a rebrand, and better flavours all picked up 13% of participants’ votes.