Cocktail time at annual meeting

By IRENE CHAPPLE

It's a company which, in the words of its founder, was never trying to create the quietest vodka in town.

The first annual meeting today is being held in a bar and by 3pm the first cocktails will have been served with canapes. No tea and biscuits here.

Spirits producer 42 Below listed in October last year at 50 cents, dropped to 31 cents over concerns it was overvalued and then cracked its listing price for the first time yesterday.

It closed at 50 cents, but warrants issued with the float push the total value up around 56 cents.

Self-titled "chief vodka bloke" and managing director Geoff Ross agrees he may be bailed up at the meeting by shareholders uncomfortable with the "rollercoaster ride" the company has had since its listing.

"But all we can comment on is the current price."

The meeting will detail the company's $1.13 million loss, previously described as in line with expectations. The company has also said it expects to be in profit by 2006.

But share traders on a chat site yesterday were more interested in the "lovely ladies" being advertised for during a 42 Below promotion in Los Angeles.

The company's marketing has never been shy: it has unashamedly gone for the "sex sells" angle, successfully getting ambassadors such as New Zealand-born model Kylie Bax to promote the product.

The call for "lovely ladies" was to find the face of 42 Below for a calendar cover.

It was promoted by Hardball productions while the casting was held at Prey Nightclub in May.

The website, commented one trader, looked as though it was designed by a dodgy uncle.

The promotion was a one-off in Los Angeles only and Ross said "we would be crossing the line if we were to do that in New Zealand".

In Los Angeles, everyone wants to be a superstar. "I think New Zealand is a bit over the beauty parade. In the States they are very big."

In New Zealand, says Ross, "We don't want to offend anyone."