JWI
11/06/2014 08:30
ASSET
REL: 0830 HRS Just Water International Limited
ASSET: JWI: Sale of interests held in Just Plants Ltd
The directors of Just Water International Ltd (NZX:"JWI") announce that an
unconditional agreement has been reached to sell its interests in its owned
subsidiary Just Plants Ltd for $800,000. The effective settlement date is 30
June 2014. The proceeds of the sale will be used to further reduce group
debt.
As part of a strategy review Just Water's board determined that the plants
business was not a natural fit for Just Water and was not able to be scaled
nationally through its existing infrastructure without considerable further
investment. Accordingly the board decided to divest the business.
Paul Connell
Chairman
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:00251408 For:JWI Type:ASSET Time:2014-06-11 08:30:06
