- Following the cessation of the agreement with Medbloom, Rua Bioscience aims to secure new partnerships.
- Cavalier Corporation to stop the production of synthetic carpets, with shifting focus on designing carpets with natural fibres for a sustainable and healthier planet.
- New Zealand Oil & Gas requests its shareholders to vote in favour of the proposed acquisitions in the special meeting in June.
Penny stocks are significantly important to small traders and investors as they are priced towards low end. With higher levels of volatility attached to them, these penny stocks have a higher potential for offering rewards.
Hence, a diligent and wise investor may reap profits while investing in these stocks.
Source: Copyright © 2021 Kalkine Media
Here’s a compilation of 5 NZX penny stocks for less than 50 cents.
Rua Bioscience Limited
NZ’s leading producer of medicinal cannabis, Rua Bioscience Limited (NZX:RUA), has recently dissolved its commercial agreement with Medbloom Limited as per mutual understanding. The latter had to supply cannabis plant material to RUA as per the contract signed between the two in 2020.
However, this will not postpone RUA’s first export consignment.
To fill the gap, RUA is in advanced negotiations with other cannabis cultivators in the country and is hopeful of securing a significant deal.
On 31 May, at the time of writing, Rua Bioscience was trading up by 1.20% at NZ$0.42.
Cavalier Corporation Limited
The country’s leading carpet manufacturer, Cavalier Corporation Limited (NZX:CAV), has appointed PwC as its external auditor.
In another important announcement, the Company will aim at manufacturing and designing carpets with natural fibre to make its business more sustainable. It will now stop the production of synthetic carpets.
Following this, CAV is initiating a NZ$4.9-million research programme, which aims to focus on building cleaner and greener ways to produce carpets.
On 31 May, at the time of writing, Cavalier Corporation was trading flat at NZ$0.43.
Good Spirits Hospitality Limited
One of the prime specialty hospitality operators, Good Spirits Hospitality Limited (NZX:GSH) recently published its business update, wherein it mentioned that as a part of its development strategy, the Company was in advance deliberations with one of the firms for the procurement of a probable new venue.
In case of any significant outcome, the same will be communicated to its shareholders.
On 31 May, at the time of writing, Good Spirits Hospitality was trading unchanged at NZ$0.075.
TruScreen Group Limited
TruScreen Group Limited (NZX:TRU) in its Q1 updates, stated that the Company had been listed on the ASX in January 2021 with a capital raise of NZ$2 million. It is witnessing strong backing from both its AU as well as NZ shareholders.
TRU has appointed Juliet Hull as its Interim CEO and Dr. Dexter Cheung as a Non-Executive Director.
Sales rose 120% YOY in FY2021 for the Single Use Sensor (SUS), with solid performance reflected by the Chinese market.
Moreover, TRU expects the start of the commercial activities in 4 markets of Central & Eastern Europe in 2021 following the submission of product registrations for the same.
On 31 May, at the time of writing, TruScreen Group was trading flat at NZ$0.079.
New Zealand Oil & Gas Limited
Headquartered in Wellington, New Zealand Oil & Gas Limited (NZX:NZO) is an oil and gas exploration company. A special meeting of the shareholders is scheduled on 24 June to vote on the proposed acquisition of three gas-producing projects in Australia.
The Board has urged its shareholders to vote in favour of the resolution.
It is expected that this prospective acquisition would enhance NZO’s oil reserves nearly by five times, i.e., by 14.5 million barrels of oil equivalent.
On 31 May, at the time of writing, New Zealand Oil & Gas was trading unchanged at NZ$0.440.