MPG, MFB, TWR, VTL- 4 penny stocks hogging the limelight

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Highlights

  • Penny stocks, though inexpensive, usually carry prospects of yielding huge rewards for their shareholders
  • Metro Performance Glass to hold its Annual Meeting in August
  • Vital’s Sales & Marketing Head to step down from his position

Penny stocks are mostly taken up by small investors and new entrants to the stock market. Though being cheaply priced, these stocks carry the potential of offering high growth and generating massive yields for their investors.

Moreover, available at minimal pricing, these stocks do not burn a hole in their investors’ pockets.

In this context, let us now skim through the four NZX-listed penny stocks.

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Metro Performance Glass Limited (NZX:MPG)

Metro Performance Glass Limited is NZ’s famous glass manufacturer and supplier with a market cap of nearly NZ$42 million.

Interesting Read: Which are 5 NZX cheap stocks to explore in 2022?

On 15 June, the Company announced scheduling its Annual Meeting on 9 August in Auckland. Further details about the meeting will be sent closer to the meeting. Also, it has advised all the eligible shareholders to send director nominations latest by 30 June.

On 16 June, at the time of writing, MPG was trading flat at NZ$0.22.

My Food Bag Group Limited (NZX:MFB)

Online meal kit provider My Food Bag Group Limited has a market cap of NZ$206 million.

The Group has fixed the foreign exchange rate for paying dividends to its Australian investors. It must be noted that the dividend payment will be made on 16 June.

Do Read: My Food Bag (NZX:MFB) delivers 18% rise in FY22 profit, shares up ~8%

Further, MFB will hold its Annual Shareholder Meeting on 19 August and has urged its shareholders to send director nominations, the closing date of which is 28 June.

On 16 June, at the time of writing, MFB was trading at NZ$0.88, up 2.33%.

Tower Limited (NZX:TWR; ASX:TWR)

Operating in the general insurance segment, Tower Limited has a market cap of about NZ$252 million.

A few days ago, the Company disclosed selling its Papua New Guinea subsidiary for AU$7.9 million to Alpha Insurance Limited, a provider of insurance products to the Papua New Guinea market.

Also Read: 5 NZX stocks going ex-dividend in coming days

The said sale will accelerate TWR’s vision of modernising its Pacific business operations and will also enhance shareholders' returns.

On 16 June, at the time of writing, TWR was trading at NZ$0.665, up 0.76%.

Vital Limited (NZX:VTL)

Vital Limited is one of the country’s leading communications providers, having a market cap of about NZ$14 million.

The Company Tuesday revealed that its Sales & Marketing Head, Paul Rennie, had sought a departure from VTL, with his last day being 29 July.

In his absence, Vital’s Chief Technology Officer, Stuart MacIntyre, will head the Sales team.

On 16 June, at the time of writing, VTL was trading at NZ$0.305, down 1.61%.

Bottom Line

Stock market investments may appear lucrative; however, in-depth research and due vigilance must be undertaken before making any such investment.


 

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