Air New Zealand chief executive Rob Fyfe had increased his stake in scented candle maker Ecoya, paying $225,000 for additional shares through a family trust.The shares were bought during Ecoya's $4.75 million placement of $6.3 million ordinary shares, ear
Air New Zealand chief executive Rob Fyfe had increased his stake in scented candle maker Ecoya, paying $225,000 for additional shares through a family trust.
The shares were bought during Ecoya’s $4.75 million placement of $6.3 million ordinary shares, earlier this month; to help fund its recent purchase of natural skincare products company Trilogy Natural Products.
Ecoya paid $10 million in cash for Trilogy, to be followed by a further earn out payment of up to $10 million, half in cash and half in $1 shares of Ecoya – hinging on it meeting full-year earnings targets.
Ecoya sold shares in the placement at 75c each, a 6.25% discount to the closing price of shares on the Friday preceding the placement.
The placement, which included an oversubscription of $250,000, was made to major Ecoya shareholder the Business Bakery LP – owned by 42 Below founder Geoff Ross, John Sinclair and Grant Baker - interests associated with directors Rob Fyfe and Rich Frank, and to institutions and high net worth investors.
Mr Fyfe’s subscription was for a further 233,334 ordinary shares (by an associated family trust), 33,333 further ordinary shares each for his daughter and son, in an underwritten share placement on the same terms as other institutional and high net worth investor subscribers.
Ecoya raised $10.1 million when it listed in May this year at $1 a share – the first listing on the NZX this year.
Trilogy, with earnings of $9.3 million last year, is expected to help offset Ecoya’s losses during its growth phase.
Trilogy was founded by Wellington sisters Sarah Gibbs and Catherine de Groot in 2002.
Ecoya shares were last trading at 79 cents.
