Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Regional support key to Just Water float

Regional support a key to successful Just Water float

Support from regional centres around New Zealand has been a key to the successful public share float of Just Water International Ltd.

Company shares began trading on the NZX alternative exchange (NZAX) on Tuesday, 15 June.

Chief Executive Tony Falkenstein said the Initial Public Offer (IPO) of 16.5 million shares had been well supported in regional centres, as well as the larger cities. The offer was reported to have closed 10 times over-subscribed.

“This initial offer demonstrated investor support right across the country. Half the shares went to investors outside Auckland, with excellent support from regional centres such as Whangarei, Tauranga, Hamilton, Napier, New Plymouth, Palmerston North/Wanganui, Nelson/Blenheim, Timaru, Oamaru and Invercargill.

“That regional support tells us that our customers in those areas value our service and performance, and that they have confidence in us,” Mr Falkenstein said. “The pattern of regional shareholdings is remarkably similar to our customer distribution across New Zealand.”

Just Water shares had a par value of $0.50 but have been trading at a premium on the NZAX.

This is the first IPO on the alternative market by a previously unlisted company.

Just Water International Ltd is the leading provider of drinking water to organisations in New Zealand. The Just Water Group comprises Just Water New Zealand, Cool Water Corporate Water Brands and has just announced the acquisition of Aqua-Cool.

Just Water International now has more than 35,000 water coolers placed in organisations around the country, and is the largest player in this niche of the beverage industry.

Capital raised from the share float will be used to fund growth and reduce borrowings from the Aqua-Cool purchase. The share offer represents 25% of the company’s share capital.

The company’s prospectus was registered with the Registrar of Companies on Friday 7 May 2004and the offer closed on 31 May 2004.

Bottled drinking-water has been an international growth phenomenon. In the US, bottled drinking water has been one of the fastest growing categories within the beverage industry in recent years.

Worldwide, growth of this category has been estimated at an average 10% per year.

While the New Zealand market has grown rapidly over the past 10-15 years, the average water consumption per capita in New Zealand is still only one-fifth of the average in Australia.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news