Shares fell 4.4% to 43 cents at the open of trading on the NZX. Over the last year, they have dropped 34.9%.

The Auckland-based company expects to lay off up to 14% of its local workforce, or 60 people.

Rakon shares rise 2.3% to 45 cents today, trading at just a 12th of their value in November 2007.

Pay rises given last year even as the shares more than halved in value and the company continued its policy of not paying dividends.

Key players involved in the Otago Rugby Union rescue bid are in lock down mode as the clock counts down to the organisation's liquidation at 4pm today.

UPDATED 3.30pm- Shares fall after company warns high dollar could wipe $20 million from its earnings.