Annual reports are usually about as exciting as a packet of ready salted chips, so we were impressed with Z Energy's interactive effort, interactive effort, which saw Assignment Group and Heyday add a few bells and whistles in an effort to get people to actually pay attention to it. Investment statements are also pretty staid, but Moa certainly isn't, so as part of the company's forthcoming IPO, Geoff Ross and co. have tried to create a document people will want to read—and keep. And, in what it believes is a world first, it also includes paid third party advertising for Aston Martin, Working Style, Partridge Jewellers, Ecoya and Beretta.
- Check out the investment statement here.
As you'd expect, there's plenty of dry but very important financial material and information about the massive growth of the craft beer industry in the document. But there's also plenty of quality photography (including the slightly piss takey '60s style shots of the men behind the company in an office filled with stuffed animals and rich mahogany and a sultry cigar-smoking, beer drinking lady), lots of advertising material and various tidbits dotted throughout offering gentlemanly advice on things like cigars, etiquette, truffles, duelling, fly fishing and bespoke suits. Ross says it's very on brand, and, while a lot of it is fun and games, it does give a good indication of the company's attitude and philosophy to business.
For example, in the 'tips for the Moa man':
- New Zealand is a small country. You may survive burning one bridge but you won't survive burning two. Everyone knows someone who knows you.
- Close your social media accounts. Open books are easy to read and unlocked homes are easy to steal from.
- Never actively seek fame or status. If you're a worthy man it will ﬁnd you by itself, and there's nothing sadder than someone desperate to be liked by others.
- Snipers are only effective because they kill from a distance without revealing their location. If they give away their position they then become the target. Remember this always
- There is no quicker path to poverty than divorce. If you are contemplating an extra-marital liaison make sure you run the numbers first.
- The best advice comes from people who you are not paying to give you advice.
The statement also features a run down on its marketing efforts, which have included what seemed like a very successful sponsorship of the New Zealand Olympic team, and some entertaining profiles of all the directors and senior staff, with one of the highlights being the story of how marketing manager Sunil Unka almost brought nuclear war to the sub-continent after the Moa Pakistani backhander campaign.
Projected sales growth
As for the IPO itself, the aim is to raise $15 million. The offer price for the IPO has been set at $1.25 per share. Oversubscriptions of up to an additional $1 million are also being offered for a total of 12.8 million shares.
Moa is anticipating a market capitalisation of approximately $38 million and says the offer has received strong support from brokers and a range of institutional investors, together with further investment from existing major shareholders the Business Bakery, Pioneer Capital and Allan Scott Wines. More than 1,500 New Zealand investors have pre-registered their interest at ownabrewery.co.nz.
The offer will open on October 19 and close three weeks. NZX listing and quotation is tipped for November 13.
Moa would be New Zealand’s first locally-listed brewery since 2009 when Lion was purchased by Japanese brewer Kirin. It plans to use the funds to build a bigger brewery and support increased working capital and marketing activities.