JWI
13/04/2015 08:30
ASSET
PRICE SENSITIVE
REL: 0830 HRS Just Water International Limited
ASSET: JWI: Just Water Group agrees to sell its Australian business
13 April 2015
JUST WATER GROUP AGREES TO SELL ITS AUSTRALIAN BUSINESS
Just Water International Limited (NZAX:JWI) advises that it has entered into
an agreement under which Waterlogic Australia Holdings Pty Limited has agreed
to purchase the Just Water group's Australian business for a price of A$11
million. The purchase price is payable in cash, subject to a net tangible
assets adjustment, which is not expected to be material.
Net cash proceeds will be applied in the repayment of the Just Water group's
interest bearing debt.
The sale is conditional principally on Just Water shareholder approval by
ordinary resolution under rule 9.1.1 of the NZAX Listing Rules, and no
material adverse change occurring in the Australian business in the period to
completion. Shareholder approval is required as the purchase price for the
Australian business exceeds 50% of the average market capitalisation of Just
Water over the 20 business days prior to the date of the sale and purchase
agreement.
A notice of special meeting and explanatory notes, including further details
of the transaction, in the form accompanying this announcement was mailed to
Just Water shareholders on Sunday, 12 April 2015. The special meeting will be
held on Tuesday, 28 April 2015 in Auckland.
Tony Falkenstein
Chairman
Just Water International Limited
About Just Water International Limited:
Just Water International Limited operates in New Zealand and Australia
supplying water-coolers, drinking water and filters for the home and office.
The Company was listed on the New Zealand Stock Exchange (Alternative Market)
in 2004.
The New Zealand business was started in 1989, and has grown to a base of over
35,000 recurring contracts, the Company deriving a recurring income from
monthly rental, water sales or maintenance agreements.
The Australian business arose through the acquisition of Clearwater Filter
Systems (Aust) Pty Limited in 2005 to take advantage of the growth of
point-of-use water-coolers in Australia. Clearwater has its Head Office in
Sydney, with branch offices in Brisbane and Melbourne.
End CA:00262980 For:JWI Type:ASSET Time:2015-04-13 08:30:01
