There was no dissension among the 40 shareholders who attended the special meeting in Dunedin, with votes representing more than 20 million proxy shares also supporting the necessary resolutions.
But the 35 minute meeting was not all plain sailing for the board and management, with one shareholder voicing concern the company regularly went back to shareholders for more capital, who were yet to see anything in return except promises.
Despite that, shareholders approved a fully underwritten issue of three million $1 shares on a pro-rata basis of one new share for every 45 held, and would pay a gross annual dividend of 10%.
The company could accept applications for an excess entitlement of up to another one million shares.
The rights issue was being underwritten by Edinburgh Equity, which was the investment vehicle of Otago businessmen Eion Edgar and Tony Offen, who could end up with more than 20% of the company should the issue not be taken up by shareholders.
Blis chief executive Barry Richardson told shareholders his priority was to achieve positive cashflow and the cash injection from the rights issue would assist that.
It would fund working capital and commercial development by supporting its global distribution partner, Frutarom USA, launch its flagship oral health product Blis K12 into Europe this year.
Blis was also completing United States Food and Drug Administration regulatory approval for Blis K12 as a food ingredient. He said sales were building in the US where the company, through Frutarom, had six products, including one that prevented ear infections in children and another that prevented ear, nose and throat infections in adults.
Mr Richardson said sales of its products in New Zealand and Australia were slow and the market needed some work, while in the other main Blis market, Ireland, sales were hit by the credit crunch.
"It's looking good in terms of the US. There is work needed in Australia and New Zealand and other markets were picking up," Mr Richardson said.
The company was continuing to target new markets and Mr Richardson announced yesterday it had signed a distribution and marketing agreement with a Korean pharmaceutical company and a deal with a Chinese provincial government-owned company. The Chinese agreement involved the manufacture, distribution and marketing of Blis products.
Mr Richardson said both deals still had regulatory hurdles to overcome.
