Alert: My Food Bag (MFB.NZX)
Investors' capital losses reached over $NZ 1/4 billion today as the stock hit 80 cents at the close of trading ...
Trading History from IPO:
Source: Direct Broking
All figures are in New Zealand dollars.
Dual listed My Food Bag (MFB) hit the close at 80 cents today on the NZX.
The stock’s IPO price was $1.85.
That price is a distant memory now.
It’s also now much lower than the price at the time of our last alert for the stock on 10 March this year.
At the IPO price the stock was capitalised at $448.5 mn.
At 80 cents the capitalisation is $193.9 mn.
This represents a capital loss of $254.6 mn.
Over a $1/4 billion.
This loss has occurred in just a little over a year.
The financial year to 31 March, 2022 results are due to be released prior to the market opening on 20 May.
However, the preliminary results for the full year were disclosed well in advance on 8 April.
The actual half-year and preliminary full-year results have largely met the prospectus forecasts so far.
Stocks don't drop like this for no reason so it will be interesting to see what is actually going on.