Just Water spends $3.3m on Penrose site for HQ, bottling plant
The company entered into a binding agreement with an undisclosed seller to buy 103 Hugo Drive in Penrose.
Just Water International [NZAX: JWI], the water cooler and supplies business 79% owned by founder Tony Falkenstein, will shift its bottling plant and head office to a new site in Auckland that it has bought for $3.3 million.
The Auckland-based company entered into a binding agreement with an undisclosed seller to buy 103 Hugo Drive in Penrose, it said in a statement. It will shift its bottling facilities and headquarters to the site over the next nine months.
In April, Just Water got the green light for the sale of its Australian business, Waterlogic Australia, for $A11 million, a transaction that will leave it debt-free.
Falkenstein's investment vehicle Harvard Group made a full takeover bid for Just Water last October at 15c a share, trumping an indicative offer of 14.6c from an unidentified overseas buyer. He fell short of the target to take the company private, acquiring about 8% of the shares he didn't already own.
The shares last traded at 14c on the NZAX, valuing the company at about $12.6 million.
(BusinessDesk)
Suze Metherell
Wed, 12 Aug 2015
Wed, 12 Aug 2015
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Just Water spends $3.3m on Penrose site for HQ, bottling plant
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