NZX listing regarded in the right spirit

By SIMON HENDERY liquor writer

New Zealand vodka maker 42 Below is considering a stock exchange listing to raise up to $20 million for an export drive.

"A listing is by no means the only option we are considering, but it is one of only two or three that are serious options," founder and managing director Geoff Ross said. The company has appointed Dorchester Pacific to investigate ways of raising $10 million to $20 million - other options are raising debt or capital from a private source.

"We've had a couple of chats with [NZX chief executive] Mark Weldon and like his attitude and his views on where New Zealand business can head and what the opportunities are from this part of the world."

Ross said a listing on the main board appeared to be one of the more efficient ways of raising capital and would give the company credibility when dealing with larger distributors overseas.

Ross owns 46 per cent of the company, fellow directors Grant Baker and Shane McKillen holding the remaining 54 per cent. The three were not keen to dilute their holdings significantly, so would float only about a quarter of the company.

The company has exported to Australia, the US, UK and Canada.

This month, 42 Below won its category at the Marketing Magazine marketing awards. It also won the Grand Orca and People's Choice prizes at the National Radio Bureau Awards in Auckland.