JWI
14/11/2014 13:56
TAKEOVER
REL: 1356 HRS Just Water International Limited
TAKEOVER: JWI: Unconditional Full Cash Offer for JWI
MARKET ANNOUNCEMENT
14 November 2014
UNCONDITIONAL FULL CASH OFFER FOR JUST WATER INTERNATIONAL LIMITED
- 15 CENTS PER SHARE - PAYMENT WITHIN 5 DAYS OF ACCEPTANCE
- NO CONDITIONS
- OFFER PRICE IS WITHIN THE INDEPENDENT ADVISER'S VALUATION RANGE
- INDEPENDENT DIRECTORS UNANIMOUSLY RECOMMEND ACCEPTANCE OF OFFER
Harvard JV is pleased to announce that it has today despatched the Offer
Document and the Target Company Statement to shareholders of Just Water
International Limited.
The offer is an unconditional cash offer for all of the shares in Just Water
International Limited at 15 cents per share and provides for prompt cash
payment to accepting shareholders.
The Independent Directors of Just Water International Limited appointed
KordaMentha to consider and prepare an independent adviser's report on the
merits of the offer. The offer price is within the 14.7 to 16.8 cents per
share value range determined by KordaMentha.
In its report, KordaMentha notes the key positives for minority shareholders
as offering "liquidity at a price 51% higher than the VWAP in the three
months preceding the announcement of an impending offer" and states further
that the "alternative to acceptance is to continue to hold a minority
interest in a non-dividend paying company which is operating in a declining
market".
The Independent Directors unanimously recommend that shareholders accept the
offer and, together with the Senior Managers of Just Water International
Limited, have advised that they intend to accept the offer for all of their
respective holdings.
The offer provides an opportunity to all shareholders to sell their shares at
an approximate premium of 35% over the average share price over the past 4
years, and an approximate premium of 53% over the average share price for
2014 to the date of the announcement of intention to make the offer.
The offer is being made by an unincorporated joint venture called Harvard JV,
the members of which are The Harvard Group Limited and certain family and
charitable trusts associated with Tony Falkenstein. The members of Harvard JV
together already hold over 70% of the shares in Just Water International
Limited.
Shareholders who wish to accept the offer should return completed and signed
Acceptance Forms in accordance with the instructions on the Acceptance Form
and will be paid for their shares within five days of receipt of their
Acceptance Form. The offer closes on 19 December 2014.
The Offer Document and Target Company Statement (including two Independent
Adviser's Reports) accompany this announcement. Shareholders are encouraged
to read these carefully.
END
End CA:00257692 For:JWI Type:TAKEOVER Time:2014-11-14 13:56:47
