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

 

Investor Backs Charlie’s Growth Strategy

Investor Backs Charlie’s Growth Strategy With $2.5million

02 February 2006

Premium beverage company Charlie’s Group Limited has taken a further significant step in building its financial base in line with its business plan. The company has made a placement of shares raising $2.5 million (including transaction costs) to Auckland-based investment company Collins Asset Management.

The placement has been made at 13 cents per share. $2 million from the net proceeds will be employed as the final instalment in the purchase of Phoenix Organics Limited, announced on 2 December.

This follows an earlier and smaller investment by Collins, in the underwritten placement made in December to part-fund the first instalment of the Phoenix Organics purchase.

Charlie’s chairman Roger Gower said the board was delighted that Collins had decided to make a significant further investment in the company. “This brings Collins’ shareholding to around 8.6 percent, making it the third largest shareholder – and one with a long-term investment philosophy compatible with our plans for further growth and development. It is a strong endorsement of our strategy and an expression of confidence in our continued growth and success.”

Tim Cook, director of Collins Asset Management, said: “We are delighted to be involved in a company with excellent management, strong brands and a range of high-quality products.”

The placement was facilitated by Mark Darrow of Auckland based Equity Investment Advisers.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>