Pulse Utilities blames sales behind fall

Prospective electricity retailer Pulse Utilities says share sales by "a very small number" of shareholders are behind a fall in the company's share price from $1.70 to 50c in the past two months. Pulse shares traded as high as $2.45 when they listed on the NZAX alternative market in November, in an offer limited to existing shareholders.

Chairman Don Purdon said Pulse's directors could not speculate on the reasons the small number of shareholders had sold at 50c. He gave an assurance that Pulse was complying with sharemarket continuous disclosure requirements.

Purdon's explanation was made after an inquiry about the share price fall by NZX.

- NZPA