JWI
09/10/2014 14:03
TAKEOVER
REL: 1403 HRS Just Water International Limited
TAKEOVER: JWI: Potential Full Cash Takeover at 15 Cents per Share
9 October 2014
POTENTIAL FULL CASH TAKEOVER OFFER AT 15 CENTS PER SHARE
Just Water International Limited (NZAX:JWI) has today been advised by Mr Tony
Falkenstein, the founder and a director of JWI, that The Harvard Group
Limited, a company associated with Mr Falkenstein and the holder of 60.28% of
the shares in JWI, proposes to make a full cash takeover offer for all of the
shares in JWI at a price of 15 cents per share. A copy of Mr Falkenstein's
letter is attached to this announcement.
At the date of this announcement interests associated with Mr Falkenstein,
including The Harvard Group Limited, hold or control in aggregate 70.77% of
the shares on issue.
Over the last six months, with the assistance of PricewaterhouseCoopers, the
JWI Board has investigated potential interest in the shares and assets of
Just Water from prospective international and domestic parties.
Although the Board received expressions of interest and indicative proposals
from a number of these parties, none of these has progressed to the point
where an offer capable of recommendation by the Board or acceptance by
shareholders has been made, or is imminent.
The Harvard Group Limited's proposed offer price of 15 cents per share
exceeds the highest effective price indication received and, the offer terms
signalled look to have a higher degree of certainty, and less conditionality
than the alternatives.
Harvard's takeover notice, once received, will be communicated to
shareholders in accordance with the Takeovers Code.
The Board has formed an independent committee of directors to consider The
Harvard Group Limited's proposal when received and to make the necessary
arrangements to appoint an independent adviser as required by the Takeovers
Code.
Paul Connell
Chairman
Just Water International Limited
+64 (21) 454561
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.
End CA:00256259 For:JWI Type:TAKEOVER Time:2014-10-09 14:03:28
