GeoOp, the small business app developer, has blamed its tightly held share register after NZX Regulation questioned the stock's 73 percent jump over the past three weeks.
The Auckland-based business said it complied with NZX listing rules after NZXR queried the NZAX-listed share's 27 cents gain to close at 64 cents yesterday from 37 cents on Christmas eve. The market was only open for 10 trading days over that period, due to statutory public holidays. Under continuous disclosure rules listed companies must inform the market of all price sensitive information as soon as possible.
"We advise that we are not aware of any specific reasons for the price increase," Stewart Reynolds, chief financial and operating officer said in reply to the NZXR query. "GeoOp's share price has historically been subject to significant volatility as a result of its tightly held share register."
GeoOp's three largest shareholders own 35 percent of the company between them, with outgoing chief executive Leanne Graham holding a 15 percent stake, Russell Bartlett with 11 percent and GeoOp chariman Mark Wheldon owning 9.4 percent, according to the shareholder register on the Companies Office.
In September, Graham resigned as GeoOp's chief executive, 11 months after it listed on the New Zealand Alternative Index, to take a new role leading the company's push into the US. The app developer is looking to capture the growing smart phone reliant workforce with its app which helps small- to-medium sized businesses manage remote workforces. It is now looking to target larger corporations and government with its app.
