Just Water spends $3.3m on Penrose site for HQ, bottling plant

Wednesday 12th August 2015

Just Water International, the water cooler and supplies business 79 percent 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 A$11 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 15 cents a share, trumping an indicative offer of 14.6 cents from an unidentified overseas buyer. He fell short of the target to take the company private, acquiring about 8 percent of the shares he didn't already own.

The shares last traded at 14 cents on the NZAX, valuing the company at about $12.6 million.

BusinessDesk.co.nz

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