Shares in brewer Moa have so far held on to gains made late last year on the back of the company's acquisition of bar and restaurant business Savor, no doubt providing some relief for long-suffering shareholders.
The stock closed yesterday up 2c at 50c, having bounced from 41c before the deal was announced on December 21.
Moa explained the acquisition of Savor, whose collection of Auckland bars and restaurants include Ostro, Seafarers, Ebisu, Azabu and Las Vegas, would almost triple its revenue and take the group into sustainable profitability.
The company posted an ebitda-loss of $2.1 million in the year ended March 31, and a $1.2 million loss for the six months through September. It is aiming to break-even for the current half-year.
It says the Savor purchase would add $3.6 million of operating earnings in its first full financial year.