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JAMP
03-06-2004, 05:03 PM
Curious as to whether anyone is in the know with respect how their recently closed IPO went? I was tempted to sign up but of late I have become somewhat hesitant about chasing IPO's. I rationalised that there shouldn't be too much risk involved with me waiting until it is a fledgling on the NZAX.

I guess all will be revealed come June 15.

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

Lawso
03-06-2004, 07:36 PM
Had a look at it, checked the prospectus, decided No - on gut feel rather than analysis.

JAMP
09-06-2004, 09:36 AM
Thanks for your views Lawso

I too passed the IPO by on gut feel, admittedly more about the IPO process for me than the company. I felt quite comfortable with the information provided in the prospectus. I found that generally it made for plain simple reading.

With the exception of a short blurb from the NZX in one of their press releases, I have yet to see any bleating from the mountain-tops about how successful the IPO was. I guess it is just a matter of waiting to see how they come out of the blocks on 15Jun04 and taking it from there.

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

foodee
09-06-2004, 12:49 PM
First IPO for me in a loong time.
2 main points attracted me [1]only 8% of businesses have this facility - hence potential growth is significant and [2] vendor holding all their shares at this stage apart from the 1 million dollar worth given to Onehunga Business school.
Waiting with interest and looking to top up.[:p]

willy_wonker
09-06-2004, 01:06 PM
Does this company make a profit, if so what is the profit or forecast?

Just wondering if it is going to be like FTB?

JAMP
09-06-2004, 01:39 PM
I am not particularly au fait with Tony Falkenstein (http://www.stuff.co.nz/stuff/0,2106,2934925a13,00.html), but it would certainly seem like he has some scruples. Good publicity for JWI too.

Willy, a quick trip to their website (http://www.jwi.co.nz) will help you track down their prospectus. That should show a history of profitability as well as their expectations to 30Jun04. From memory they are talking a div yield around 8.4%.

JWI aren't going to have very many shares in free-float. This and the fact that they will get little market exposure (being NZAX listed) means it is possible that their shareprice will exhibit volatile tendencies off a low trading volume. It is unlikely that they will appeal as a stock to many.

Please also take into account that I am a little fish who prefers to swim well away from the big fish. I also like my water to be nice and fresh ;)

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

willy_wonker
09-06-2004, 02:14 PM
Jamp,

Without readin the entire prospectus, can you just give me the following highlights?

1. What is the money raised use for?
2. P/E?
3. Debt?
4. How much is the promoters keeping for themselves?

thanks

craic
09-06-2004, 02:23 PM
Just listening to talkback half an hour ago involving people ringing in to offer acolades to those who turned the callers lives around etc. Tony Falkenstein was mentioned by one caller as a man who gave one million dollars to the business school but [u]also</u>gave one million dollars in shares to his old school and one million in shares to Auckland? university business school. Never heard of him before that.

JAMP
09-06-2004, 02:40 PM
Crikey Willy, I had to scan through the prospectus for the answers to those questions!

1) The money raised (circa $8.25m) was being used to pursue growth opportunities as well as retire some term debt ($5.4m) that was taken on to acquire Aqua-Cool Limited ($6m).

2) Projected PE is 15 based on the offer price of 50cps. Had acquisitions been on books at 01Jul03, projected pro-forma PE is 12.

3) As I read it, term debt at30Jun04 is projected to be $1.7m with current liabilities of $0.8m.

4) The previous stakeholders are keeping roughly 75% of the company. Probably a little under now that they have donated 3m shares.

Of course, don't take my reading of the prospectus for granted. It is, as I have already mentioned, plain and simple to understand.

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

tf
10-06-2004, 11:37 AM
Many times over subscribed. No advertising needed to attract shareholders, and no reason for them to shout from the rooftops.


quote:Originally posted by JAMP

Curious as to whether anyone is in the know with respect how their recently closed IPO went? I was tempted to sign up but of late I have become somewhat hesitant about chasing IPO's. I rationalised that there shouldn't be too much risk involved with me waiting until it is a fledgling on the NZAX.

I guess all will be revealed come June 15.

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

willy_wonker
10-06-2004, 11:43 AM
Interesting little company. Thanks Jamp. Willy will keep a close eye on this one. :)

Halebop
10-06-2004, 12:54 PM
Its hard to really determine their performance from the noise all their acquisitions have made on the numbers. Still, it looks a sound proposition. A bit too pricey for my parsimonious methods though.

mikescott
12-06-2004, 10:04 AM
I be having big allocation be from my broker and be looking forward to BIG listing price. :D

Peoples already be wanting to buy off me for 55 cents but I be saying $1.00 in a year's time be happy to let a few go. [^]

foodee
12-06-2004, 04:30 PM
Minder
Hope you be right. Looking to top up on Tuesday/Wednesday/Thursday next week.;)

mikescott
15-06-2004, 11:23 AM
quote:Originally posted by minder


I be having big allocation be from my broker and be looking forward to BIG listing price. :D

Peoples already be wanting to buy off me for 55 cents but I be saying $1.00 in a year's time be happy to let a few go. [^]


66 cents & 32% Profit!!!!!!!!!!! Yes!!!!!!:D:D:D:D[:p][:p][:p]

Here be hoping that newspapers they be writing more about IPO fatigue and nobody they be wanting IPOs. More for me. [:p][:p][:p]

mikescott
17-06-2004, 06:46 PM
72 cents and 44% profit.

And acres of buying. This be going to $1.00 soon. Then happy to sell a few. :D

JAMP
18-06-2004, 07:07 AM
quote:I rationalised that there shouldn't be too much risk involved with me waiting until it is a fledgling on the NZAX.

Congratulations to all those who got on at the right stop. Whilst I feel a bit of a wally for missing out, I do feel quite good about having identified its potential.

Regards JAMP
NZX: MCH MFT RBD SAN SKX SPN VTX WRI
UCM: KCE

mikescott
27-06-2004, 09:04 AM
<center>76 cents & 52% Gain. </center>

Took some profits and reinvesting it in CanWest. :D

dingdong
28-06-2004, 10:56 AM
You're the best Master Minder and we are unworthy to have you contribute to this site.

Canwest it is then....

Futurz
28-06-2004, 11:19 AM
quote:Originally posted by Abdab

You're the best Master Minder and we are unworthy to have you contribute to this site.

Canwest it is then....


You're so sad Minder :(, making up another sign on to stroke your ego some more [xx(]

dingdong
28-06-2004, 11:29 AM
Futurz sir I am not Minder although I am deeply honoured that you may have confused me with Minder, the Guru of Sharetraders.

mikescott
28-06-2004, 11:40 AM
No need to be sarcastic, Abdad. :(

Just passing on my thoughts and information - you guys are always free to ignore them or challenge them. :D

More debate = more knowledge. ;)

Happy Camper
04-07-2007, 07:13 PM
This Happy Camper picked up a small parcel of these today.

I have been watching the shareprice trend downwards of late, and I am picking we are somewhere near the turning point.

Cheers

tim23
03-03-2008, 06:51 PM
Are you still holding Happy Camper? Anyone else considering these lately?

COLIN
03-03-2008, 08:40 PM
Are you still holding Happy Camper? Anyone else considering these lately?
I don't follow them, but one look at the sp graphs would be enough to frighten me away from considering them, in the present investment and business climate. Tim - why would you want to consider them? Remember, BUY INTO STRENGTH, SELL INTO WEAKNESS.

Footsie
04-03-2008, 08:23 AM
I sold out at 1.10 when the went into aussie

E C K Witty
30-03-2008, 08:52 PM
A good chance for a 10&#37; lift in the shareprice of JWI tomorrow?

COLIN
30-03-2008, 09:07 PM
A good chance for a 10% lift in the shareprice of JWI tomorrow?
Pray, why?
I recently read somewhere that it is now becoming unfashionable to buy bottled water - "Food Miles" and all the other claptrap surrounding this new Climate Change religion that is being foisted on an unsuspecting public.

macduffy
31-03-2008, 07:45 AM
I don't know anything about a 10% rise in the SP but isn't Just Water's business mainly the provision of water coolers/containers to businesses, mainly offices?
I don't see that being impacted in the same way as the possible "unfashionableness" of bottled water but I guess there could be some effect at the margin, particularly if businesses take the axe to discretionary costs.

E C K Witty
31-03-2008, 08:12 PM
COLIN, I was only noting the spread between buy and sell orders at the time.

I thought that with today being 31/3/08 there may be the opportunity for an end of day buyer of a small parcel at 60c to seriously manipulate the shareprice. As it turned out, it was mere supposition on my part.

Dr_Who
29-10-2008, 03:43 PM
Rights issue @ 40 cents.

Anyone got shares in this pup?

I think the rights start trading on 12 nov. Anyone have a view on JWI?

Kiwi
17-10-2010, 05:42 PM
I have just taken some interest in this company as the Directors have been buying up more shares.
What does this mean?

bung5
15-10-2012, 09:13 AM
Been looking into this company and its ticked all the boxes but one. 10 million market cap profit of 1.7million last year. Is very tempting but the last few years revenue has been dropping. Anyone holding or has done looked deeper into the business?

modandm
15-10-2012, 09:27 AM
ticked what boxes. The company is a micro-cap with no coverage. It is uninvestable imho

Balance
15-10-2012, 10:12 AM
ticked what boxes. The company is a micro-cap with no coverage. It is uninvestable imho

Best time to buy if you think it is going to turn around.

That's where you get your multiple baggers like Diligent, ATM and PEB.

bung5
16-10-2012, 09:42 AM
Best time to buy if you think it is going to turn around.

That's where you get your multiple baggers like Diligent, ATM and PEB.

That is the bit I guess most are waiting for before they buy

Chaowee88
07-09-2014, 03:37 PM
Hello, everyone my first post. This company lacks coverage but has cut costs, improved profitability, surprised to see the share price still languishing. P/E of 4.1 currently with the share price at 10C. New CEO now with Tony now director, Ian at the helm and fair bit of restructuring, sounds like a fresh new start with a fairly new balance sheet, debt down to 12.9 million. Next year could be defining with potentially a dividend comin for the first time in 5 years (Management stated equity ratio of 40 - 60 before restarting dividenda and they a close to that).

tim23
07-09-2014, 07:03 PM
You might be right but patience needed?

Chaowee88
07-09-2014, 07:39 PM
The lack of coverage and no returns (dividend) to shareholders is the killer. The business itself is still solid. Last 3 years, JWI free cash flow has been around 3 million and with reduced depreciation and amortization plus interest, exchange rate (NZD appreciating now versus AUD) next year should see further NPAT growth. Should just be minor growth, but 2.5 million should be enough for resumption of small dividend. When I look at this company compared to the likes of 'Pumpkin patch', 'Teamtalk', 'Cavalier', I wonder how this is priced so low. All the other 3 are under so much pressure in terms of debt not sure why the market is paying so much for the risk. I guess it really is the coverage which is hurting this company.

noodles
07-09-2014, 08:16 PM
The lack of coverage and no returns (dividend) to shareholders is the killer. The business itself is still solid. Last 3 years, JWI free cash flow has been around 3 million and with reduced depreciation and amortization plus interest, exchange rate (NZD appreciating now versus AUD) next year should see further NPAT growth. Should just be minor growth, but 2.5 million should be enough for resumption of small dividend. When I look at this company compared to the likes of 'Pumpkin patch', 'Teamtalk', 'Cavalier', I wonder how this is priced so low. All the other 3 are under so much pressure in terms of debt not sure why the market is paying so much for the risk. I guess it really is the coverage which is hurting this company.
Thanks for highlighting the company and welcome to the forum.

I would like to temper your enthusiasm with a couple of points:
1. In FY14, they paid very little tax. I think you should normalise the NPAT result to include a 28% tax rate. This will see your quoted pe rise.
2. Revenue actually dropped in FY14
3. NTA is negative
4. Debt, while not excessive and being paid off, is still preventing dividends from being paid.

I'm not sure what the catalyst is for a re-rating. Perhaps a dividend and revenue growth.

Best of luck.
noodles

silverblizzard888
08-09-2014, 01:31 AM
Its a 50/50 kind of investment in my opinion because you have some parts which look great like the up trend increases in profits, but its countered by the down trend of revenue for the last four years, which you might want to wait and see what the next report reveals too see what direction this business is going into as with no growth its worrying. Liabilities have been slowly decreasing over the last four years so thats a positive sign with assets staying more or less a similar state.

It looks like it could be a decent business that has been wronged in the past and over ridden with debt, so give it some more time and it will fix itself and become a great company. This company looks exactly like Allied Farmers (ALF) and I don't need to tell you how thats going for the early birds who got in cheap. With debt generally being decreased and a possible turn around, there is more risk by investing in this sort of company than most, but if they turn it around and it starts showing growth in revenues and profits it will reward investors nicely, but beware when things don't go well. If anything affects their profit, down the drain they will go (no pun intended), overall a negative grey cloud with a glimpse of sunshine.

Beagle
08-09-2014, 03:17 PM
^^ Sums it up pretty well. I would only add this is a classic example of why the simple selection of stocks based solely on their PE isn't a good strategy on its own.
Micro cap that's illiquid, infrequently traded on the alternative exchange and sales have been in decline for many years.
Obviously they have had too much debt for many years and until they can start rewarding shareholders with a decent proportion of the free cash flow it'll stay in the doldrums, possibly for years.
Talk of growth means it could be many years before the company starts to think about paying decent dividends, assuming they continue to make profits. Commentary in the annual report of severe price pressure in N.Z. doesn't bode well for the future. Really I'd suggest their track record is chequered at best and all things considered they deserve a very, very low PE. That's my 2 cents.
Perhaps I should add that I've met Tony Falkeistein a couple of times and he's a genuine nice guy and a gentleman...its a real shame his company hasn't flourished.

Balance
09-09-2014, 11:24 AM
Something smells with this stock - notice how the size bids move lower as the offers come down?

Not touching it given the track record of Tony Falkenstein in wealth destruction. His last bravado act was to announce that he intended to buy 1m shares at 15c in 2012 - record shows he bought none!

Chaowee88
09-09-2014, 11:53 AM
Something smells with this stock - notice how the size bids move lower as the offers come down?

Not touching it given the track record of Tony Falkenstein in wealth destruction. His last bravado act was to announce that he intended to buy 1m shares at 15c in 2012 - record shows he bought none!

There was 2 on market purchases made, September 2011 and October 2011. 348423 and 46190. Purchased on market at 10 cents a piece it in the 2012 annual report. For on behalf of Harvard Group. Check page 11 2012 annual report. Although not his stated investment amount however he did buy.

Beagle
09-09-2014, 11:57 AM
Hello, everyone my first post. This company lacks coverage but has cut costs, improved profitability, surprised to see the share price still languishing. P/E of 4.1 currently with the share price at 10C. New CEO now with Tony now director, Ian at the helm and fair bit of restructuring, sounds like a fresh new start with a fairly new balance sheet, debt down to 12.9 million. Next year could be defining with potentially a dividend comin for the first time in 5 years (Management stated equity ratio of 40 - 60 before restarting dividenda and they a close to that).

Welcome to the Sharetrader forum :)

Chaowee88
07-10-2014, 09:59 AM
Making a bit of a move is JWI, about time...

12C now

Beagle
07-10-2014, 10:06 AM
Making a bit of a move is JWI, about time...

12C now

Nice. Whenever I see a Just Water cooler at a Restaurant café or bar I am very pleased as I'm a huge believer in the benefits of drinking high quality water.
Tony deserves to do better than he has out of this company. I might get a few as I believe in what they're doing and the rapidly aging population needs the product they're supplying and the PE is cheap.

percy
07-10-2014, 10:17 AM
Nice. Whenever I see a Just Water cooler at a Restaurant café or bar I am very pleased as I'm a huge believer in the benefits of drinking high quality water.
Tony deserves to do better than he has out of this company. I might get a few as I believe in what they're doing and the rapidly aging population needs the product they're supplying and the PE is cheap.

Ha Ha Ha,
You forget some of us know you Roger.
Since when have you let water mix with your alcohol system ?
Thought you were 100%. lol.

Beagle
07-10-2014, 11:06 AM
Ha Ha Ha,
You forget some of us know you Roger.
Since when have you let water mix with your alcohol system ?
Thought you were 100%. lol.

LOL mate. You've gotta drink something good when you haven't got the pleasure of having your friends drive :)

Beagle
09-10-2014, 02:55 PM
Nice. Whenever I see a Just Water cooler at a Restaurant café or bar I am very pleased as I'm a huge believer in the benefits of drinking high quality water.
Tony deserves to do better than he has out of this company. I might get a few as I believe in what they're doing and the rapidly aging population needs the product they're supplying and the PE is cheap.

Bugger, too slow. Tony moves to take over the company at 15 cents, good on him and fair enough. I wish him well, he's a nice guy.

Chaowee88
09-10-2014, 03:58 PM
Bugger, too slow. Tony moves to take over the company at 15 cents, good on him and fair enough. I wish him well, he's a nice guy.

Boom, here's my 20K payday coming at last

Beagle
09-10-2014, 04:18 PM
Boom, here's my 20K payday coming at last

Well done and congrats.

Chaowee88
25-10-2014, 11:20 AM
Well done and congrats.

Small article in the herald today, Brian Gaynor covers the plight of JWI, the most recent annual meeting etc etc. Awaiting for next weeks formal offer from Falkenstein, but from the looks of it the offer is more than likely going to get accepted, I know I will accept -_-

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11347900

GTM 3442
25-10-2014, 05:29 PM
B*gger.

Picked up some of these as a turnaround story a couple of years ago, and crystallized the loss a couple of weeks ago.

Perhaps patience is a virtue after all!

Chaowee88
25-10-2014, 09:05 PM
B*gger.

Picked up some of these as a turnaround story a couple of years ago, and crystallized the loss a couple of weeks ago.

Perhaps patience is a virtue after all!

Only if it heading in the right direction. Some companies spiral towards oblivion but JWI has worked hard to slowly grind itself back.

Out of interest why did you sell?

GTM 3442
25-10-2014, 11:32 PM
Only if it heading in the right direction. Some companies spiral towards oblivion but JWI has worked hard to slowly grind itself back.

Out of interest why did you sell?

Two years timer went off, no sign of the turnaround, so took the loss. Used the proceeds to have a punt on Cooks Foods.

Turnarounds get sold after two years if they haven't turned a buck for me.

Joshuatree
26-10-2014, 09:05 AM
Really disappointing re Falkensteins lack of disclosure. Over many years I've come to realise that in the Investment universe when it comes down it, it is rare to find management putting shareholders ahead of or beside themselves.

Balance
26-10-2014, 09:09 AM
Two years timer went off, no sign of the turnaround, so took the loss. Used the proceeds to have a punt on Cooks Foods.

Turnarounds get sold after two years if they haven't turned a buck for me.

I have learnt from experience that turnarounds usually take longer than 2 years - more like 3 to 5 years, if at all.

The other thing I have learnt is not to let the sp determine whether a turnaround is happening - the market always lag well behind the actual turnaround.

Examples of great turnaround stories - DIL & RBD.

Meanwhile some turnaround stories go on and on and on - eg. WDT.

JWI is certainly turning around imo - that's why Tony Falkenstein (not an entrepreneur to ever leave your funds with long term imo) is privatizing the company. He is no mug despite being a strategic business moron.

winner69
26-10-2014, 09:57 AM
Really disappointing re Falkensteins lack of disclosure. Over many years I've come to realise that in the Investment universe when it comes down it, it is rare to find management putting shareholders ahead of or beside themselves.

Shareholders of any company are not what you think they are .... they are just like any other supplier, being the supplier of capital. So why should they think they are special?

And in some cases just the supplier of added wealth to a few individuals

Chaowee88
26-10-2014, 10:13 AM
I have learnt from experience that turnarounds usually take longer than 2 years - more like 3 to 5 years, if at all.

The other thing I have learnt is not to let the sp determine whether a turnaround is happening - the market always lag well behind the actual turnaround.

Examples of great turnaround stories - DIL & RBD.

Meanwhile some turnaround stories go on and on and on - eg. WDT.

JWI is certainly turning around imo - that's why Tony Falkenstein (not an entrepreneur to ever leave your funds with long term imo) is privatizing the company. He is no mug despite being a strategic business moron.

4 - 5 years ago JWI was 26 million in net debt, since then it has come down to 12.6 million with revenue down 7 - 8 million but NPAT up to 2.2 million.
Yet during this time the SP didn't rise and hovered around 10C which is a surprise. The company is worth more than 15C a share but I'm happy having made a significant profit.

Joshuatree
26-10-2014, 10:36 AM
I didn't say that they should be "special " those are your words. Falkensteins lack of disclosure as gaynor points out is putting himself AHEAD of shareholders . Snouts in the trough.

Chaowee88
26-10-2014, 10:50 AM
I didn't say that they should be "special " those are your words. Falkensteins lack of disclosure as gaynor points out is putting himself AHEAD of shareholders . Snouts in the trough.

You take the good with the bad, such is the way of public companies when you have one person as the majority holder, especially small cap stocks. It the risk you take when you invest into micro-caps.

Joshuatree
26-10-2014, 10:57 AM
Risk you take with all size companies. Excessive free options, shares, int free loans, Imordinate salary increases, oversize golden parachutes eso when resigning after poor management i.e. rewarded for stuffing up., low thresholds for bonuses etc; withheld info; it still happens but not as bad as before with tightening up of regs. Great management who look after their shareholders are a minority; fact.

Chaowee88
26-10-2014, 11:06 AM
Risk you take with all size companies. Excessive free options, shares, int free loans, Imordinate salary increases, oversize golden parachutes eso when resigning after poor management i.e. rewarded for stuffing up., low thresholds for bonuses etc; withheld info; it still happens but not as bad as before with tightening up of regs. Great management who look after their shareholders are a minority; fact.

Not so much so with larger cap firms as there is a greater spread of shareholders, retail/institutions, this generally keeps management on their toes.

Joshuatree
26-10-2014, 11:16 AM
Good point chaowee88.

Its well known that many water companies just use tap water with or without a filter. iIdon't have a prob with that.Most tap water (in NZ) thati drink i have total confidence in. But i think sterilising ,purifying it with a good malt whisky is great idea:t_up:

GTM 3442
26-10-2014, 08:05 PM
I have learnt from experience that turnarounds usually take longer than 2 years - more like 3 to 5 years, if at all.


The last half of 2012 looked promising - as if the drought had broken.

But then a steady trickle-down; when I was waiting for the dam to burst.

Beagle
27-10-2014, 09:38 AM
Hello, everyone my first post. This company lacks coverage but has cut costs, improved profitability, surprised to see the share price still languishing. P/E of 4.1 currently with the share price at 10C. New CEO now with Tony now director, Ian at the helm and fair bit of restructuring, sounds like a fresh new start with a fairly new balance sheet, debt down to 12.9 million. Next year could be defining with potentially a dividend comin for the first time in 5 years (Management stated equity ratio of 40 - 60 before restarting dividenda and they a close to that).

I think you may have been partially instrumental in flushing out this take-over offer. Any way you slice and dice this thing, while you've made good money its been a miserable sad and lonely road for the vast majority of minority shareholders. I wonder how for example those who paid up for the rights issue in 2008 at 40 cents are feeling ? Hardly a generous offer from Falkenstein. I would have thought a minimum of 20 cents would have been appropriate and well supported by the improving fundamentals.

Balance
27-10-2014, 09:58 AM
I think you may have been partially instrumental in flushing out this take-over offer. Any way you slice and dice this thing, while you've made good money its been a miserable sad and lonely road for the vast majority of minority shareholders. I wonder how for example those who paid up for the rights issue in 2008 at 40 cents are feeling ? Hardly a generous offer from Falkenstein. I would have thought a minimum of 20 cents would have been appropriate and well supported by the improving fundamentals.

A measure of what kind of person Tony Falkenstein is and how JWI is run was glaringly illustrated when a director was appointed a few years ago and quit within 2 weeks.

The guy is no good as a creator of wealth for minority shareholders - been like that since his days of Zee Watch.

Chaowee88
27-10-2014, 10:56 AM
I think you may have been partially instrumental in flushing out this take-over offer. Any way you slice and dice this thing, while you've made good money its been a miserable sad and lonely road for the vast majority of minority shareholders. I wonder how for example those who paid up for the rights issue in 2008 at 40 cents are feeling ? Hardly a generous offer from Falkenstein. I would have thought a minimum of 20 cents would have been appropriate and well supported by the improving fundamentals.

Yep, before I brought, when I valued this I thought it worth around 18 - 20 per share, offer is slightly lower than what I hoped but I'm happy having made the right call on this one.

Agree with you :)

Chaowee88
04-11-2014, 06:19 PM
Yep, before I brought, when I valued this I thought it worth around 18 - 20 per share, offer is slightly lower than what I hoped but I'm happy having made the right call on this one.

Agree with you :)

Not sure who but someone is buying up JWI at 15 today, how does he expect to make a return?

Expect Tony to increase his offer?

Chaowee88
10-11-2014, 11:46 AM
Ok, what going on some trading now going through at 15.5, higher than the takeover offer...

JWI driving to new heights..

Joshuatree
10-11-2014, 04:03 PM
Theres 20 horses tied up outside the "Cheaper Than Water Whisky Saloon" in "Dehydratedsville" in the drylands. A rowdy game of poker is going on and falkensteins been thrown out the window into the trough; He's squirting water by opening and closing his fist ;singing "you can lead a horse to wat.....".

Chaowee88
22-11-2014, 11:03 AM
Theres 20 horses tied up outside the "Cheaper Than Water Whisky Saloon" in "Dehydratedsville" in the drylands. A rowdy game of poker is going on and falkensteins been thrown out the window into the trough; He's squirting water by opening and closing his fist ;singing "you can lead a horse to wat.....".

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11362716

Article in herald with Gaynor's assessment of JWI takeover offer. He believes Falkenstein's offer is optimistic, I think that he assessed it well, this offer is a bit low. JWI has worked hard to reduce debt and improve it business throughout the last 4 years. Not sure whether I should accept now.

Chaowee88
22-11-2014, 11:24 AM
Is there a takeover threshold where once A certain percentage of shares is held by the offerer, that remaining shareholders must sell their shares to the offerer based on the companies act (eg 90%)?

Harvey Specter
22-11-2014, 01:32 PM
Is there a takeover threshold where once A certain percentage of shares is held by the offerer, that remaining shareholders must sell their shares to the offerer based on the companies act (eg 90%)?correct. Compulsory acquisition if he gets over 90%.

Give his current holding he needs to get just over 50% to be successful.

If you disagree at that point, you can challenge for an independant valuation - you still have to sell but if may be a higher amount (though cost of challenge means unlikely to be worth it).

Chaowee88
23-11-2014, 02:43 AM
correct. Compulsory acquisition if he gets over 90%.

Give his current holding he needs to get just over 50% to be successful.

If you disagree at that point, you can challenge for an independant valuation - you still have to sell but if may be a higher amount (though cost of challenge means unlikely to be worth it).

Much appreciated

Anna Naum
24-11-2014, 08:09 AM
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11362716

Article in herald with Gaynor's assessment of JWI takeover offer. He believes Falkenstein's offer is optimistic, I think that he assessed it well, this offer is a bit low. JWI has worked hard to reduce debt and improve it business throughout the last 4 years. Not sure whether I should accept now.

Thanks for the heads up. Gaynor makes an interesting point about debt levels having improved dramatically since the last stupid investment this company made on AU left them with huge debt. Difficult to understand why (as Brian highlights) JWI AR tells a rosy story and yet the 'independent' report suggests otherwise....who is not telling the truth I wonder?

Chaowee88
24-11-2014, 11:44 AM
Sold all my holding today @ 16C, a nice profit. Clearly Tony is not getting enough traction with his takeover offer hence is going on market to pick up some more shares.

Balance
24-11-2014, 12:41 PM
The offer from Falkenstein is clearly opportunistic and that's why there are parties now moving to block the takeover - decent volume now going through at 16c.

The Chairman's comments recommending acceptance of the 15c opportunistic offer :

"Just Water is currently facing competitive trading conditions, in both the New Zealand and Australian markets, and has, so far, been unable to arrest a decline in revenue, particularly rental revenue." 11 Nov 2014

Huge contrast from the Chairman's comments only 7 weeks ago when reporting results for FY June 2014 :

"Whilst consolidated operating revenue was slightly down on the previous year the Directors believe that the Group is positioned to deliver future growth over the coming years."

"The Directors are pleased with progress over the last year. The Group is in a sound position both financially and people-wise, giving it the foundation on which to expand."

3 September 2014

777
24-11-2014, 12:49 PM
Sold all my holding today @ 16C, a nice profit. Clearly Tony is not getting enough traction with his takeover offer hence is going on market to pick up some more shares.

Can he do that without increasing his offer?

Balance
24-11-2014, 12:54 PM
Can he do that without increasing his offer?

He has been picking up shares at 15c.

He cannot buy at above that without revising his 15c offer.

Chaowee88
24-11-2014, 01:04 PM
He has been picking up shares at 15c.

He cannot buy at above that without revising his 15c offer.

I thought you couldn't buy below the offer price?

Balance
24-11-2014, 01:09 PM
I thought you couldn't buy below the offer price?

He can buy whatever he wants on market as long as it is at or below offer price.

That's my understanding.

777
24-11-2014, 01:19 PM
He can buy whatever he wants on market as long as it is at or below offer price.

That's my understanding.

Actually I meant above the offer price which would mean he is not the one paying 16c.

Balance
24-11-2014, 01:29 PM
Actually I meant above the offer price which would mean he is not the one paying 16c.

Hence my comment someone buying at above 15c to block the takeover or to extract a higher price.

Chairman's independence is seriously suspect imo.

Chaowee88
24-11-2014, 01:39 PM
Maybe his comment is in light of at the time of the full year report, the share price was trading at 10C whereas the offer is 15C?

Although the 15C offer is on the low side I think at 16C it getting close it it fair value which I think is about 18C

Balance
24-11-2014, 02:04 PM
Maybe his comment is in light of at the time of the full year report, the share price was trading at 10C whereas the offer is 15C?

Although the 15C offer is on the low side I think at 16C it getting close it it fair value which I think is about 18C

JWI was happy to acquire Clearwater at an EBITDA of 8.8 times.

On that multiple, JWI is worth $46m or 51c.

If you use a reasonable multiple of 6 times for similar companies (pages 35 & 37 of KordaMentha report) like Cool Clear Water etc, JWI is worth $27.5m or 30c.

Long long way higher up from the miserly offer of 15c.

Beagle
24-11-2014, 02:32 PM
I agree with Balance. I thought Falkenstein was a gentleman, I was wrong. This low ball offer is one of the most miserable and mean take-over offers I can ever remember.

Balance
24-11-2014, 03:42 PM
I agree with Balance. I thought Falkenstein was a gentleman, I was wrong. This low ball offer is one of the most miserable and mean take-over offers I can ever remember.

Cash flow generation over the last 4 years indicates company will be debt free in 3 years' time.

And just when the company is turning around, he pulls this stunt.

Beagle
24-11-2014, 04:20 PM
The offer from Falkenstein is clearly opportunistic and that's why there are parties now moving to block the takeover - decent volume now going through at 16c.

The Chairman's comments recommending acceptance of the 15c opportunistic offer :

"Just Water is currently facing competitive trading conditions, in both the New Zealand and Australian markets, and has, so far, been unable to arrest a decline in revenue, particularly rental revenue." 11 Nov 2014

Huge contrast from the Chairman's comments only 7 weeks ago when reporting results for FY June 2014 :

"Whilst consolidated operating revenue was slightly down on the previous year the Directors believe that the Group is positioned to deliver future growth over the coming years."

"The Directors are pleased with progress over the last year. The Group is in a sound position both financially and people-wise, giving it the foundation on which to expand."

3 September 2014
Great post which I missed when I posted earlier. This looks like a real scurrilous and despicable fiasco.

Balance
24-11-2014, 07:38 PM
Great post which I missed when I posted earlier. This looks like a real scurrilous and despicable fiasco.

Until I went through the takeover offer documents did I got seriously annoyed with the so-called Independent directors, KordaMentha and of course, Falkenstein.

The documents hardly stand up to scrutiny and imo, are sent to deprive minority shareholders of future upside potential from the turnaround of JWI.

What is particularly galling is the fact that Falkenstein had a poor reputation from the 1980s before JWI was listed - JWI was a second chance for him in the public arena.

It is his gross mismanagement of the company which led to the destruction of shareholders' wealth and further capital raising in 2008 at 42 cents.

Seems like leopards really do not change their spots?

Beagle
24-11-2014, 08:22 PM
The same KordaMentha that valued Geneva finance shares at 35 cents because they were engaged by the company to tell potential shareholders whatever version of the truth the directors wanted to disseminate.
All done with the usual all encompassing disclaimers of course. Pity they didn't print it on toilet paper, (seeing as most of us don't have fires anymore), then it would be useful for something.
This situation and the one I've alluded too highlight the dangers for shareholders in small companies trying to get a feed off penny dreadful's. If you bottom feed the market you're more than likely to end up with a s#@t sandwich and the chances of any regulatory intervention to protect your interests is exceptionally remote to say the very least.

Anna Naum
25-11-2014, 06:41 AM
http://www.stuff.co.nz/business/63488401/just-water-offer-meanspirited

Just Water offer 'mean-spirited'
TIM HUNTER
Last updated 16:39, November 24 2014



Share
'MEAN': A takeover offer for the water cooler company could shortchange minority shareholders, a broker says.
'MEAN': A takeover offer for the water cooler company could shortchange minority shareholders, a broker says.

Sharebroker Colin Giffney has described a takeover offer for NZX-listed Just Water International as "mean and mean-spirited", saying it undervalues the company.

Just Water, which provides water coolers for offices, is subject to a 15c a share takeover bid from interests associated with its founder Tony Falkenstein.

The unconditional offer values Just Water at $14m and falls at the low end of a valuation from KordaMentha of 14.7c to 16.8c a share.

Since making the offer on November 14, Falkenstein's bid vehicle Harvard has moved from 71 to 73 per cent ownership, but has run into opposition from some minority shareholders.

This afternoon Just Water shares changed hands at 16c, indicating some investors think the price could go higher.

Giffney, whose firm Giffney and Jones was lead manager of Just Water's float in May 2004, said he had wanted to mail his thoughts on the offer to other shareholders, but had been denied access to an electronic version of the share register.

"I didn't want to go to the media, I wanted to go to shareholders, but they're forcing me basically."

Valuation could only ever be a matter of opinion, he said.

"All I'm doing is trying to communicate an alternative view. I'm not saying mine's right."

Giffney said in his view Just Water had good cashflow and in the last four years had repaid $13 million of debt, with borrowings falling from $26m in June 2010 to $13.1m in June 2014.

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"At moment you've got companies floating that haven't made a dollar and haven't done anything, selling on multiples to earnings.

"This one shareholders are being asked to give up at 4.4 times [earnings before interest, tax, depreciation and amortisation]. I'm sorry there's a disconnect somewhere."

He said the offer was "mean and mean-spirited to loyal shareholders who have supported the company through the tough times."

Giffney said because the offer was unconditional, which meant all purchases through the takeover were final, shareholders should not accept until it was clear what the large shareholders are doing.

"I'm pretty disgusted with the way they're behaving."

Falkenstein could not be reached for comment this afternoon.

Balance
25-11-2014, 09:13 AM
http://www.stuff.co.nz/business/63488401/just-water-offer-meanspirited



Giffney, whose firm Giffney and Jones was lead manager of Just Water's float in May 2004, said he had wanted to mail his thoughts on the offer to other shareholders, but had been denied access to an electronic version of the share register.

Giffney said because the offer was unconditional, which meant all purchases through the takeover were final, shareholders should not accept until it was clear what the large shareholders are doing.

"I'm pretty disgusted with the way they're behaving."

Falkenstein could not be reached for comment this afternoon.

What an *rsehole that Falkenstein is - fancy denying minority shareholders access to another opinion by delaying tactics like not providing electronic copy of share register.

Beagle
25-11-2014, 09:23 AM
Blatant greed at work here. Falkenstein probably knows bloody well with good profits now and very low interest rates he can renegotiate debt funding lines now at a substantially lower rate and with complete control look for significant other efficiencies so isn't really even paying 4.4 times EDITDA. This is highway robbery.

P.S. Good to see a strong bid for 200,000 shares at 16 cents on the market. Market is saying to Falkenstein, ante-up or get stuffed.

Balance
27-11-2014, 10:15 AM
http://www.stuff.co.nz/business/industries/63553375/criticism-not-just-water-off-bidders-back

Liar - Falkenstein cannot even get his facts right.

Chaowee88
27-11-2014, 12:04 PM
http://www.stuff.co.nz/business/industries/63553375/criticism-not-just-water-off-bidders-back

Liar - Falkenstein cannot even get his facts right.

This Tony hatred is really poor. It funny how all this crap comes out the moment he makes his 15C offer.

Why is there no comment made when the share price was at 10C?
Looking back, Falkenstein did not sell any of his holdings as the company spiraled down. It was other holders. If other holders feel the company is no longer worth that then they're welcome to sell. If Mr Market isn't fond of this stock then so be it.

If you think his offer is crap then what about the millions of other business people/investors who purchased companies at low valuations which made them millionaires, a you going to have a go at them to?

A you going to have a go at buffett for his takeover of Washington post?

How about a go at Graham hart for his leveraged buyouts? No wonder he stays out of media to get away from all of this..

Really disgusting this.

Beagle
27-11-2014, 03:19 PM
People are going to have an opinion and it'll often be very divergent to yours mate, no mileage taking umbrage.
I said at the outset I thought a fair price was 20 cents and I'm sticking with that. The kindest way to describe this offer is opportunistic. If people want to use stronger words than that that's their choice and their prerogative. If you're happy with the offer, take it.
I'm with Balance on this one.

Balance
27-11-2014, 03:48 PM
This Tony hatred is really poor. It funny how all this crap comes out the moment he makes his 15C offer.

Why is there no comment made when the share price was at 10C?
Looking back, Falkenstein did not sell any of his holdings as the company spiraled down. It was other holders. If other holders feel the company is no longer worth that then they're welcome to sell. If Mr Market isn't fond of this stock then so be it.

If you think his offer is crap then what about the millions of other business people/investors who purchased companies at low valuations which made them millionaires, a you going to have a go at them to?

A you going to have a go at buffett for his takeover of Washington post?

How about a go at Graham hart for his leveraged buyouts? No wonder he stays out of media to get away from all of this..

Really disgusting this.

Yes, bloody disgusting indeed.

Have you bothered to read the background to this takeover?

Do you appreciate what Falkenstein's position is in this takeover? He is trying to deprive minority shareholders who have supported the company through thick and thin when he mismanaged it, and just when it is turning around, he is making an opportunistic offer.

That is fine but if you bother to read the letter from Mr Giffney, the *raseholes Falkenstein and so-called independent Chairman went out of their way to deprive other shareholders of another opinion :

1. Directors released Target Company statement on Nov 11. Chairman was rang on 14 Nov to provide information but wanted it in writing. This was done but he did not and has not responded. Matter is now with Takeovers Panel.

2. Company was requested (and required) for a mailing list of shareholders on 18 Nov. This was not provided until 21 Nov.

3. Rather than electronic form, it was in hard copy - resulting in further delays. I only received mine today.

4. Falkenstein comes out 'firing' and basically, lied about what has been buying to try and cast doubt on what's happening. Be interesting if he said who is selling. He has access to the share register real time.

Result of the delay is that Falkenstein offer has been accepted by quite a number of shareholders - without access to another opinion. They could have received another 10% today if they waited.

The actions of the Chairman who is supposed to be independent and act in the best interests of all shareholders beg the question of who he is really acting for.

Chaowee88, you may be happy to put up with that kind of unethical, immoral and greed lusty behavior - do not believe for one minute others like me will, ok?

Chaowee88
27-11-2014, 04:12 PM
Yes, bloody disgusting indeed.

Have you bothered to read the background to this takeover?

Do you appreciate what Falkenstein's position is in this takeover? He is trying to deprive minority shareholders who have supported the company through thick and thin when he mismanaged it, and just when it is turning around, he is making an opportunistic offer.

That is fine but if you bother to read the letter from Mr Giffney, the *raseholes Falkenstein and so-called independent Chairman went out of their way to deprive other shareholders of another opinion :

1. Directors released Target Company statement on Nov 11. Chairman was rang on 14 Nov to provide information but wanted it in writing. This was done but he did not and has not responded. Matter is now with Takeovers Panel.

2. Company was requested (and required) for a mailing list of shareholders on 18 Nov. This was not provided until 21 Nov.

3. Rather than electronic form, it was in hard copy - resulting in further delays. I only received mine today.

4. Falkenstein comes out 'firing' and basically, lied about what has been buying to try and cast doubt on what's happening. Be interesting if he said who is selling. He has access to the share register real time.

Result of the delay is that Falkenstein offer has been accepted by quite a number of shareholders - without access to another opinion. They could have received another 10% today if they waited.

Freaking *arsehole - that's what he and the so-called independent Chairman are.

I have nothing against your criticism of Tony's offer but calling him names is unnecessary and no I have no association with Falkenstein.

Balance
27-11-2014, 04:36 PM
I have nothing against your criticism of Tony's offer but calling him names is unnecessary and no I have no association with Falkenstein.

I am calling him (and Paul Connell) for what his takeover offer and behavior represent - as disgusting and immoral as they come.

Reading the letter today makes my blood boil.

You seem new to the game so you should observe more and learn. Read the Comvita takeover situation. Likewise, Acruity. They get acrimonious but at least they play to reasonable rules.

Using the delaying tactics to deprive minorities of another opinion so they can get shares - behaviour of *rseholes.

Balance
27-11-2014, 05:49 PM
People are going to have an opinion and it'll often be very divergent to yours mate, no mileage taking umbrage.
I said at the outset I thought a fair price was 20 cents and I'm sticking with that. The kindest way to describe this offer is opportunistic. If people want to use stronger words than that that's their choice and their prerogative. If you're happy with the offer, take it.
I'm with Balance on this one.

What has happened here is that Falkenstein has increased his stake by over 4m shares at 15 cents through his delaying tactics.

It is not often that we have a situation where someone as a private individual with mana stands up to a company, its majority shareholder (and complicit Chairman) with a properly researched rebuttal. This has obviously spooked Falkenstein and the so-called independent Chairman, Paul Connell.

Falkenstein offer has no conditions to it so anyone who accepted his offer or sold to him on market has no recourse if another bidder appears or he increases his bid.

Under normal circumstances, an offerer will not buy stock on the market like Falkenstein at 15c - it defeats the purpose of the mailed out offer. To me he is doing it as he knows it is an opportunistic offer and he might as well get as many shares as he can. That is fine if he plays fair but the behaviour to date is not that of a fair minded or ethical person.

Imagine a stunt like a hard copy shareholders' list at this day and age. If that is not underhanded, then Hitler is a saint to the Jews.

minimoke
27-11-2014, 07:35 PM
I must read this thread but how do they make money. Looking at a cooler today. $30 a month for the cooler. If I want it plumbed in, no problem, no charge.

Balance
01-12-2014, 07:59 AM
Have the opportunity now to properly read letter from Colin Giffney and the other documents from JWI.

It is clear that KM has been very selective in the way they use comparative companies for acquisitions. Fair value for JWI based upon recent transactions/acquisitions should be between 23 cents to 32 cents.

Toilet paper - that's what KM's independent valuation is worth.

As for Falkenstein and Paul Connell - what's inside the toilet bowl is a fair way to describe their behavior. They have obstructed and delayed the release of another opinion to minority shareholders, some 4m shares of which have accepted the 15c offer in the meantime. They could have sold on market at 16c or above.

His offer is unconditional (highly unusual) which means those who sold to him or accepted his offer at 15c cannot receive the benefit of any higher offer.

Balance
02-12-2014, 08:43 AM
https://www.nzx.com/companies/JWI/announcements/258390

A man of integrity.

klid
02-12-2014, 05:18 PM
Is it likely this guy is going to get to 90% and achieve his goal?

Anna Naum
20-02-2015, 03:36 PM
I have just read the JWI H1 result commentary. If ever you thought a CEO could get more up himself, read the just released diatribe. I for one will be at the next AGM to ask some questions. To suggest to those who have owned the shares for more than 4 years and for the poor suckers who bght shares in the original float (When the CEO sold the company to the market) were given the 'opportunity' to reduce losses is just objectionable in its hypocrisy.

Falkenstein you need to get off the cool aid, and start drinking water until you sober up.

Chaowee88
20-02-2015, 05:25 PM
I have just read the JWI H1 result commentary. If ever you thought a CEO could get more up himself, read the just released diatribe. I for one will be at the next AGM to ask some questions. To suggest to those who have owned the shares for more than 4 years and for the poor suckers who bght shares in the original float (When the CEO sold the company to the market) were given the 'opportunity' to reduce losses is just objectionable in its hypocrisy.

Falkenstein you need to get off the cool aid, and start drinking water until you sober up.

Out of interest, how much shares you have in JWI?

Yea that half year result was a stinker NPAT sank like hell, good thing I sold during the takeover.

Anna Naum
21-02-2015, 09:57 PM
Out of interest, what diff does it matter how many shares I may own. My comment is about the pathetic excuse for a CEO statement in the result commentary.

Chaowee88
22-02-2015, 08:20 AM
Out of interest, what diff does it matter how many shares I may own. My comment is about the pathetic excuse for a CEO statement in the result commentary.

You seem angry. Shouldn't let this stuff get to you.

Balance
22-02-2015, 08:29 AM
I have just read the JWI H1 result commentary. If ever you thought a CEO could get more up himself, read the just released diatribe. I for one will be at the next AGM to ask some questions. To suggest to those who have owned the shares for more than 4 years and for the poor suckers who bght shares in the original float (When the CEO sold the company to the market) were given the 'opportunity' to reduce losses is just objectionable in its hypocrisy.

Falkenstein you need to get off the cool aid, and start drinking water until you sober up.

Agree with you 100%, Anna Naum.

Falkenstein acted, looked and was revealed for who he really is during his unsuccessful takeover offer - a self-interested shyster*.

I have already written in previous posts about how he (and his so-called independent Chairman) went out of their way to hinder, frustrate and delay a well articulated critical assessment of his low ball bid - even to the extent of them furnishing a hard copy of shareholders' register, rather than an electronic copy. This is a company which belongs to all shareholders, Mr Falkenstein and your useless Chairman.

This line: "I was delighted that shareholders holding about 20% of the shareholding in JWI took a long term view on their investment, and were prepared to back the focus I outlined in the takeover offer, as well as my leadership of the Company" - in the half year results from this 1980s corporate loser takes his self-delusion and hypocrisy however to new uncharted heights.

No, Mr Falkenstein, the 20% saw through your attempt to steal the company and are going to be there to make sure you do not try and pull any further and future fast one on minority shareholders.

There are several shareholders in there now who are determined you will not get away with any stunts to entrench your self-interest.

Looking forward to the AGM.



* A shyster /ˈʃaɪstər/ is a slang word for someone who acts in a disreputable, unethical, or unscrupulous way, especially in the practice of law, politics or business.

GTM 3442
13-12-2015, 01:22 AM
Interesting write-up by Bryan Gaynor in the NZ Herald, pointing out the perils of de-listing. JWI made a good example.

As did the companies achievement of turning 50c shares into 14c shares.

Balance
29-08-2016, 07:51 AM
https://www.nzx.com/companies/JWI/announcements/288021

First announcement I have ever seen in a long long time where the directors have not shouted from the roof top that underlying NPAT increased by 109%.

Answer is clear of course - the self-interest shyster Falkenstein continues to play his game of trying to hoodwink minority shareholders out of their shares below fair value by offering them the opportunity to sell their shares to the company via a direct approach :

"Share buyback programme:

The directors announced a share buyback programme, which will continue through to the previously announced date of 20 February 2017.

The Company will buy up to 5% of the shares currently on issue by the Company.

Shareholders may approach the Company directly if they do wish to sell their shareholding."

Well, Mr Falkenstein and your useless Chairman - you have minorities who are in for the long haul with you and I suspect they are looking forward to you making any improper move (if you dare) so they can nail you.

Meanwhile, one must wonder what Onehunga High and AUT think of you as an alumni with shares 'donated' by you which have done nothing for them, but allowed you to boast of your 'generous' credentials.

Absolute144
29-08-2016, 08:28 AM
Nice eps on this company. I take it they don't pay a dividend ?

Absolute144
29-08-2016, 08:29 AM
Does somebody want to post the top 20 shareholders list?

777
29-08-2016, 09:36 AM
Does somebody want to post the top 20 shareholders list?

You can get it yourself from the latest annual report on their website.

Absolute144
29-08-2016, 11:06 AM
You can get it yourself from the latest annual report on their website.

Thank you. Ill take a look

whatsup
29-08-2016, 11:21 AM
Thank you. Ill take a look

approx. 73% owned by A F and friends.

Balance
31-08-2016, 06:59 PM
The offer from Falkenstein is clearly opportunistic and that's why there are parties now moving to block the takeover - decent volume now going through at 16c.

The Chairman's comments recommending acceptance of the 15c opportunistic offer :

"Just Water is currently facing competitive trading conditions, in both the New Zealand and Australian markets, and has, so far, been unable to arrest a decline in revenue, particularly rental revenue." 11 Nov 2014

Huge contrast from the Chairman's comments only 7 weeks ago when reporting results for FY June 2014 :

"Whilst consolidated operating revenue was slightly down on the previous year the Directors believe that the Group is positioned to deliver future growth over the coming years."

"The Directors are pleased with progress over the last year. The Group is in a sound position both financially and people-wise, giving it the foundation on which to expand."

3 September 2014

Wonder what the Chairman now has to say about the 100% increase in operating profit.

Balance
01-09-2016, 08:43 PM
Out of interest, how much shares you have in JWI?

Yea that half year result was a stinker NPAT sank like hell, good thing I sold during the takeover.

Not so good to sell into the takeover when Falkenstein and his Chairman were so blatantly downramping the company's prospects, and there was a report (which Falkenstein tried to frustrate and suppress) valuing the stock at well over the takeover price.

Sp now 40% higher than takeover price with volume buying.

Balance
02-09-2016, 07:59 AM
https://www.nzx.com/companies/JWI/announcements/288333

Gets better - JWI is now buying shares on the market at 21 cents.

Wonder how those who accepted the 15c offer now feel.

Balance
01-11-2016, 07:40 AM
JWI now buying shares at 22 cents - 46.7% increase on the 15 cents accepted by those who believed what Mr Falkenstein told them.

Balance
01-11-2016, 07:44 AM
JWI was happy to acquire Clearwater at an EBITDA of 8.8 times.

On that multiple, JWI is worth $46m or 51c.

If you use a reasonable multiple of 6 times for similar companies (pages 35 & 37 of KordaMentha report) like Cool Clear Water etc, JWI is worth $27.5m or 30c.

Long long way higher up from the miserly offer of 15c.


Plenty more upside yet.

Balance
05-12-2016, 09:42 AM
Plenty more upside yet.

23 cents and heading higher.

53% gain on those who accepted the 15c takeover offer.

whatsup
05-12-2016, 11:42 AM
, very strange pricing here imo !

Balance
05-12-2016, 01:46 PM
https://www.nzx.com/companies/JWI/announcements/293784

"lazy balance sheet, revenue tracking slightly higher than the previous year, and EBIT above budget and last year"

Historical EBITDA multiple of 5 times and historical PER of 13.1 times.

Happy to hold and see Mr Tony Falkenstein out on this one - especially with a few heavyweight shareholders in there who will keep an eye on things.

heisenberg
05-12-2016, 01:51 PM
I don't think I could get involved with a company whose website looks as though it was created on MS Paint

Balance
05-12-2016, 05:44 PM
I don't think I could get involved with a company whose website looks as though it was created on MS Paint

Indeed you should not!

Balance
12-02-2017, 08:36 AM
Blatant greed at work here. Falkenstein probably knows bloody well with good profits now and very low interest rates he can renegotiate debt funding lines now at a substantially lower rate and with complete control look for significant other efficiencies so isn't really even paying 4.4 times EDITDA. This is highway robbery.

P.S. Good to see a strong bid for 200,000 shares at 16 cents on the market. Market is saying to Falkenstein, ante-up or get stuffed.

26 cents bid now, Roger.

So those who took Falkenstein's 15c offer 2 years ago have lost out on 73% gains so far.

I have in my time in investing never seen a more blatant case of deceitful behaviour, mis-information and downramping as was exhibited during the takeover.

I have also never seen a much more forceful rebuttal by a profile advisor, Colin Giffney, to the takeover offer at the 5c bid.

And what is the FMA doing? Busy chasing shadows.

Balance
16-02-2017, 10:37 AM
27 cents bid now.

So that's a nice 80% increase on the offer price accepted by some.

Balance
16-02-2017, 04:05 PM
https://www.nzx.com/companies/JWI/announcements/296876

Profits continuing to grow and net debt almost down to zero.

Trading on a cashflow multiple of 5.

Share buyback to continue.

LOVE IT!

Balance
23-02-2017, 11:01 AM
35c - so 133% up on takeover price of 2 years ago!

Very very satisfying.

whatsup
09-08-2017, 09:57 PM
Will the new water pricing that Labour is talking about hurt JWI if they are elected ?

minimoke
10-08-2017, 06:44 AM
Will the new water pricing that Labour is talking about hurt JWI if they are elected ?if it agfects demand, then yes.

But dont worry - the idea will never fly. Its simply a weĺl timed announcement aimed at hoovering up a few disgruntled Green votes ( see Election threads). Get your head around the first hurdle - Maori. The moment you tax water you have a foreshore and seabed type sh1t fight on your hands. And Labour isnt going there.

whatsup
10-08-2017, 07:39 AM
if it agfects demand, then yes.

But dont worry - the idea will never fly. Its simply a weĺl timed announcement aimed at hoovering up a few disgruntled Green votes ( see Election threads). Get your head around the first hurdle - Maori. The moment you tax water you have a foreshore and seabed type sh1t fight on your hands. And Labour isnt going there.

MM , never say never , remember Lab is the party of envy, the new leader has already announced 2 new taxes and they are not even in power, N Z used to be the land of the " long white cloud " , now its the "land of the tall poppy " !!

Raz
10-08-2017, 07:52 AM
if it agfects demand, then yes.

But dont worry - the idea will never fly. Its simply a weĺl timed announcement aimed at hoovering up a few disgruntled Green votes ( see Election threads). Get your head around the first hurdle - Maori. The moment you tax water you have a foreshore and seabed type sh1t fight on your hands. And Labour isnt going there.

I would not count on that...

macduffy
10-08-2017, 08:01 AM
If JWI "bottle" in metropolitan areas then I would expect that they already pay for their water, one way or another, to the local water authority/council. I may have misheard, but I thought the idea of a tax was to catch those users not already paying .

whatsup
10-08-2017, 08:22 AM
If JWI "bottle" in metropolitan areas then I would expect that they already pay for their water, one way or another, to the local water authority/council. I may have misheard, but I thought the idea of a tax was to catch those users not already paying .

macd, most city/town water supplies are on a user basis whether through rates or water charges ( and discharges ) so isn't a new Lab charge charging twice?

macduffy
10-08-2017, 10:43 AM
macd, most city/town water supplies are on a user basis whether through rates or water charges ( and discharges ) so isn't a new Lab charge charging twice?

The point I was making was that because metro water is paid for, either through rates or water charges, JWI won't be affected if their plants are located in those areas. I understood that Labour weren't aiming to charge those but to "catch" users who aren't already paying. I stand ready to be corrected on that point if I've got that wrong.

:confused:

brend
10-08-2017, 06:36 PM
macd, most city/town water supplies are on a user basis whether through rates or water charges ( and discharges ) so isn't a new Lab charge charging twice?

my understanding is that water rates are to cover infrastructure costs. You dont pay for the water itself.

stoploss
10-08-2017, 06:38 PM
my understanding is that water rates are to cover infrastructure costs. You dont pay for the water itself.

Why do they charge by volume of water then ? If it was just the infrastructure it would surely be a set fee to each user.

brend
10-08-2017, 08:28 PM
Why do they charge by volume of water then ? If it was just the infrastructure it would surely be a set fee to each user.

Thats Auckland..most councils charge water rates with land rates. The only logically reason Auckland charges based on more volume is, more water used, more use on infrastructure.

stoploss
10-08-2017, 09:49 PM
Thats Auckland..most councils charge water rates with land rates. The only logically reason Auckland charges based on more volume is, more water used, more use on infrastructure.

Plenty of councils have water meters , I have one on my property in Martinborough , you get 1000 hectolitres or something like that free anything over you start paying ... only got stung once when the irrigation system
came loose and I was pumping water for a couple of days flat out , thankfully local farmer wondered what his sheep were doing in a pond :)
We also have water meters in Wellington on commercial buildings ( our tenant pays) usually around 500 a quarter . Some of the new apartment blocks also have water meters here .

macduffy
11-08-2017, 08:42 AM
We also have water meters in Wellington on commercial buildings ( our tenant pays) usually around 500 a quarter . Some of the new apartment blocks also have water meters here .

Several years ago Wellington were offering the option of new meters to existing residential properties on a pay for volume basis in exchange for a lower fixed water rate. I declined the offer but my neighbour took up the new shiny blue-covered meter. I never asked him how it worked out - and he's since sold.

peat
15-08-2017, 09:48 PM
2c per share divy
last traded 39c

Balance
17-10-2017, 06:38 PM
41c and powering on - now 173% gain on the takeover price of 15c offered by that scumbag Falkenstein in 2014.

Very very satisfying to call this shyster out.

Balance
04-12-2017, 07:43 PM
50c - 233% gain + 13.33% dividend paid so far on the takeover price of 15c offered by the scumbag Falkenstein in 2014.

There were actually some who believed the shyster's bull and accepted his low ball offer.

Balance
05-12-2017, 07:13 AM
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11952703

Heavens help anyone who works for this shyster.

peat
05-12-2017, 09:04 AM
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11952703

Heavens help anyone who works for this shyster.

Well it would seem they are reluctant to!

Congrats on your JWI hat trick Balance :p

Now that I am unencumbered I just want to say that my understanding is that JWI gets it water from the tap (effectively). Of course it is treated by special machinery before going into containers... but certainly not from any special bore or mountain spring.

youngatheart
14-02-2020, 09:01 AM
Share price up 47% in a week. Could this be due to the Sharesies Effect or something else?

Balance
14-02-2020, 09:10 AM
Out of interest, how much shares you have in JWI?

Yea that half year result was a stinker NPAT sank like hell, good thing I sold during the takeover.

77c - 413% capital gain + 43% dividend paid so far on the takeover price of 15c offered by the shyster Falkenstein in 2014.

There were actually some who believed the shyster's bull and accepted his low ball offer.

youngatheart
14-02-2020, 09:14 AM
??? 15c in 2014... That's 6 years ago!

Balance
14-02-2020, 09:28 AM
??? 15c in 2014... That's 6 years ago!

Yup - so average out at 70% gain a year on the 15c takeover price offered by that shyster Falkenstein.

Cadalac123
14-02-2020, 09:35 AM
It's gone up on such tiny little volumes, reminds me of paysauce, or is there actual substance to this one

Balance
14-02-2020, 09:40 AM
It's gone up on such tiny little volumes, reminds me of paysauce, or is there actual substance to this one

Have a look at the financials and you will see why the sp has been steadily rising.

Real shame that many shareholders sold to Falkenstein when he made the takeover offer in 2014 - well covered on this thread of the many devious ways he used to increase his shareholding.

Oh well, can't say those who sold to him were not warned and cautioned.

Cadalac123
14-02-2020, 10:13 AM
Hmm it’s interesting how poor liquidity can really put you off buying a stock . I had seen this one before but the liquidity looked so bad I decided to flag it.

I wonder if the sudden spike in revenue is simply due to the acquisition and not organic growth within the company. From a traders perspective I def regret not entering earlier seems like there’s been a lag in the market recognising the home tech acquisition to total revenue .

That said I wonder if revenue will be stagnant (but higher) unless further acquisitions are made .

Sideshow Bob
14-02-2020, 10:24 AM
Share price up 47% in a week. Could this be due to the Sharesies Effect or something else?

Maybe they liked Living with the Boss??

https://www.tvnz.co.nz/shows/living-with-the-boss (episode 1)

youngatheart
14-02-2020, 10:33 AM
Have a look at the financials and you will see why the sp has been steadily rising.

Real shame that many shareholders sold to Falkenstein when he made the takeover offer in 2014 - well covered on this thread of the many devious ways he used to increase his shareholding.

Oh well, can't say those who sold to him were not warned and cautioned.

So are you saying its a good company that's shares have been bought by the CEO too cheaply?

Balance
14-02-2020, 11:33 AM
So are you saying its a good company that's shares have been bought by the CEO too cheaply?

If you are genuinely interested in the stock, have a read of pages 4 to 8 of this thread.

You will then appreciate how underhanded and thoroughly unethical Falkenstein was when he sneakily launched his takeover bid.

Balance
14-02-2020, 04:06 PM
Maybe they liked Living with the Boss??

https://www.tvnz.co.nz/shows/living-with-the-boss (episode 1)

Haha - maybe they do.

What a kind hearted and public minded person Falkenstein is - NOT!

percy
12-08-2020, 10:46 AM
JLG....Just Living Group.


https://stocknessmonster.com/announcements/jlg.nzx-357576/
Interesting result.
I note Phil Norman has joined the board.
The company is now known as Just Living Group.
89,348,271 shares on issue giving a market cap at 52 cents of $46,866.498
eps 2.68 cents
PE 19.4
NTA 21 cps
Dividend 3.2 cps
Yield 6.15%.[gross 8.715%]

I made good money at Just Water's IPO.
So am having another go.Only a small holding brought at 52 cents this morning.

traineeinvestor
12-08-2020, 12:17 PM
JLG....Just Living Group.


https://stocknessmonster.com/announcements/jlg.nzx-357576/
Interesting result.
I note Phil Norman has joined the board.
The company is now known as Just Living Group.
89,348,271 shares on issue giving a market cap at 52 cents of $46,866.498
eps 2.68 cents
PE 19.4
NTA 21 cps
Dividend 3.2 cps
Yield 6.15%.[gross 8.715%]

I made good money at Just Water's IPO.
So am having another go.Only a small holding brought at 52 cents this morning.

I've looked that this one several times without actually pulling the trigger (which has proven to be a mistake). However a couple of queries:

1. is the dividend yield actually 6.15%? When the interim result and dividend was released back in February the announcement said:

"Over the last 3 years the directors have declared an annual dividend in the range of 2.0 to 2.2 cents per share. As indicated at the December 2019 Annual Meeting, the directors intend to split the 2020 dividend payment into an interim and final dividend. In line with common practice, the intention is to pay the final dividend at a higher rate than the interim dividend."

It looks to me as though the 6.15% yield which is what shows on the NZX webpage, is based on the sum of the interim 2020 dividend and the full 2019 dividend (which was paid as a single final dividend). (I didn't see any reference to the final dividend in the more recent announcement - if I missed something, I apologise).

2. the unaudited results announcement which came out a few days ago mentioned a capital raising. These days capital seems to be raised through placings which are always dilutive and value destroying for shareholders. Would it be better to wait until this happens before jumping in?

percy
12-08-2020, 01:20 PM
My figures for dividend we just taken from Direct Broking and NZX sites so you are right.
Well Phil Norman just joining as a director, and also having Ian Malcolm as a director made me take an interest.
I can not see Norman wasting his time.
Capital raisings happen for one of two reasons.
1] To stay in business.
2] To fund expansion or a takeover.
As they do not need more money to stay in business No.2 looks more likely.Perhaps that is why Norman came onboard.
Usually a capital raise is only available to existing shareholders , who are on the share register before it is announced.
That is why I brought.Even a small holding entitles you to take part in a SPP or whatever,should it stack up.

percy
27-08-2020, 09:29 AM
JLG Just Living Group.
Well today's announcement has shot the share price up 11.5% to 58 cents.Buyer now 59 cents.
https://stocknessmonster.com/announcements/jlg.nzx-358743/

But wait.....there's more....
Last sale 61 cents up 17.3% today.
Yes there is now a buyer at 64 cents...

percy
28-08-2020, 12:26 PM
Up 29.5% today to 79 cents.

percy
28-08-2020, 12:59 PM
Hang on.
Make that up 34.4% today to 82 cents...lol.

Balance
28-08-2020, 01:13 PM
Wonder how those who sold out at 15c in the takeover offer now feel?

Well, they certainly cannot complain that they were warned not to fall for the low ball offer.

percy
28-08-2020, 02:04 PM
Hang on.
Make that up 34.4% today to 82 cents...lol.

Now up 42.6% today to 87 cents.
Will update again in an hour's time...lol

Davexl
28-08-2020, 04:58 PM
Now up 42.6% today to 87 cents.
Will update again in an hour's time...lol

I don't know how you got your timing so impeccable Percy,
poetry in motion!

Balance
28-08-2020, 05:06 PM
http://www.stuff.co.nz/business/63488401/just-water-offer-meanspirited

Just Water offer 'mean-spirited'
TIM HUNTER
Last updated 16:39, November 24 2014



Share
'MEAN': A takeover offer for the water cooler company could shortchange minority shareholders, a broker says.
'MEAN': A takeover offer for the water cooler company could shortchange minority shareholders, a broker says.

Sharebroker Colin Giffney has described a takeover offer for NZX-listed Just Water International as "mean and mean-spirited", saying it undervalues the company.

Just Water, which provides water coolers for offices, is subject to a 15c a share takeover bid from interests associated with its founder Tony Falkenstein.

The unconditional offer values Just Water at $14m and falls at the low end of a valuation from KordaMentha of 14.7c to 16.8c a share.

Since making the offer on November 14, Falkenstein's bid vehicle Harvard has moved from 71 to 73 per cent ownership, but has run into opposition from some minority shareholders.

This afternoon Just Water shares changed hands at 16c, indicating some investors think the price could go higher.

Giffney, whose firm Giffney and Jones was lead manager of Just Water's float in May 2004, said he had wanted to mail his thoughts on the offer to other shareholders, but had been denied access to an electronic version of the share register.

"I didn't want to go to the media, I wanted to go to shareholders, but they're forcing me basically."

Valuation could only ever be a matter of opinion, he said.

"All I'm doing is trying to communicate an alternative view. I'm not saying mine's right."

Giffney said in his view Just Water had good cashflow and in the last four years had repaid $13 million of debt, with borrowings falling from $26m in June 2010 to $13.1m in June 2014.

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"At moment you've got companies floating that haven't made a dollar and haven't done anything, selling on multiples to earnings.

"This one shareholders are being asked to give up at 4.4 times [earnings before interest, tax, depreciation and amortisation]. I'm sorry there's a disconnect somewhere."

He said the offer was "mean and mean-spirited to loyal shareholders who have supported the company through the tough times."

Giffney said because the offer was unconditional, which meant all purchases through the takeover were final, shareholders should not accept until it was clear what the large shareholders are doing.

"I'm pretty disgusted with the way they're behaving."

Falkenstein could not be reached for comment this afternoon.

A reminder of what Falkenstein attempted to do but was stopped by those of us who saw through his skulduggery and refused to sell to him at 15c.

percy
28-08-2020, 05:10 PM
I don't know how you got your timing so impeccable Percy,
poetry in motion!

More good luck than good management..lol
Finished the day up 37.7% at 84 cents,so down a bit on the day's high of 87 cents.
The big surprise was the big increase of volume.107,711 shares traded,which is a lot for this very thinly traded stock.

Leftfield
29-08-2020, 08:15 AM
A reminder of what Falkenstein attempted to do but was stopped by those of us who saw through his skulduggery and refused to sell to him at 15c.

Well done to holders in the recent long overdue SP rise....... my key reason for not following this is Falkenstein's history.

Perhaps Phil Norman just joining as a director, and also having Ian Malcolm as a director is providing the needed impetus?? ...... can anyone tell me a bit more about these two?

percy
29-08-2020, 08:39 AM
https://justlifegroup.co.nz/board/

Scroll down.
Just click onto their name at the bottom of their photo.

Leftfield
29-08-2020, 09:04 AM
Thanks Percy, appreciated. Phil Norman v impressive.

Baa_Baa
29-08-2020, 09:18 AM
Thanks Percy, appreciated. Phil Norman v impressive.

Indeed, Chair XRO once, now Chair PLX. Doing a great job.

percy
29-08-2020, 10:37 AM
This is from the link I posted on 12-08-2020 post #161,and was the reason I brought some shares in them.


'We are now in a position to take up acquisition and merger opportunities and intend to raise
capital over the next 12 months to support these activities. Any acquisitions would be planned
to be cash flow positive and support an ongoing dividend stream to the shareholders.
The previously announced appointment of Phil Norman as an independent director will add
to the depth of the board, to assist with the board’s growth strategy.”

percy
01-10-2020, 09:03 AM
https://stocknessmonster.com/watchlist/#
Well that did not take long for their first acquisition.A good "bolt on".
The Cylinder Guy Ltd, a leading nationwide hot water cylinder installation and service business.
Funded from existing facilities.

PS.Google Hot water cylinder and guess which company comes up first.
PPS.Christchurch City Council having to put Chlorine in our water supply, has caused a great number of hot water cylinders to fail.

Balance
01-10-2020, 09:18 AM
82c - wonder how those who Ignored strong advice not to sell but sold to Falkenstein at 15c are feeling.

Serves them right. 👍

Balance
30-12-2020, 07:39 AM
Tony Falkenstein trying to rewrite history - http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/365730/338247.pdf

Lest we forget - this is the real Falkenstein, mean spirited and as manipulative as they come : https://www.stuff.co.nz/business/63488401/just-water-offer-mean-spirited

winner69
30-12-2020, 07:44 AM
Tony Falkenstein trying to rewrite history - http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/365730/338247.pdf

Lest we forget - this is the real Falkenstein, mean spirited and as manipulative as they come : https://www.stuff.co.nz/business/63488401/just-water-offer-mean-spirited

Marked PRICE SENSITIVE that announcement - or Herald piece

Balance
30-12-2020, 10:50 AM
Marked PRICE SENSITIVE that announcement - or Herald piece

Presumably his '$100m' revenue target vs $30m in F20 is price sensitive.

Wouldn't trust Falkenstein to do the right thing given his track record.

DazRaz
30-12-2020, 11:33 AM
Capital raise soon perhaps?

percy
30-12-2020, 11:47 AM
My figures for dividend we just taken from Direct Broking and NZX sites so you are right.
Well Phil Norman just joining as a director, and also having Ian Malcolm as a director made me take an interest.
I can not see Norman wasting his time.
Capital raisings happen for one of two reasons.
1] To stay in business.
2] To fund expansion or a takeover.
As they do not need more money to stay in business No.2 looks more likely.Perhaps that is why Norman came onboard.
Usually a capital raise is only available to existing shareholders , who are on the share register before it is announced.
That is why I brought.Even a small holding entitles you to take part in a SPP or whatever,should it stack up.
DazRaz I refer you to a previous post of mine on this thread.

DDog
30-12-2020, 01:11 PM
NZX Product Operations wishes to advise that the announcement released by Just Life Group Limited (“JLG”) at 8.30am this morning has been retracted. The announcement has been retracted due to copyright issues.
JLG have confirmed that there was no material information contained within the announcement.

Balance
30-12-2020, 01:35 PM
NZX Product Operations wishes to advise that the announcement released by Just Life Group Limited (“JLG”) at 8.30am this morning has been retracted. The announcement has been retracted due to copyright issues.
JLG have confirmed that there was no material information contained within the announcement.

Yup - Tony Falkenstein at his ‘thieving’ best.

But for the fact that there’s a group of investors with more than 10% of the company to block him from compulsory takeover and to monitor his every move, he would have stolen the company at 15c.

percy
30-12-2020, 02:02 PM
NZX Product Operations wishes to advise that the announcement released by Just Life Group Limited (“JLG”) at 8.30am this morning has been retracted. The announcement has been retracted due to copyright issues.
JLG have confirmed that there was no material information contained within the announcement.

Would appear NZ Herald have copyright to the interview with him.
As stated "there was no material information contained."
Onwards and upwards from here on.

winner69
30-12-2020, 02:08 PM
Would appear NZ Herald have copyright.

What they did was far worse than copying and pasting a paywalled Herald article to Sharetrader;)

percy
30-12-2020, 02:16 PM
I would think Tony Flakenstein will make sure of copyright of any future interviews he gives.

ps It is worth mentioning his shareholder communications are the best of any company, I am or have been a shareholder in.[and that has been a large number,both here and in Aussie.]

winner69
30-12-2020, 02:19 PM
I would think Tony Flakenstein will make sure of copyright of any future interviews he gives.

Maybe he thought it was a paid advertisement ;) ...

....and his ego got the better of him.

percy
30-12-2020, 02:36 PM
Maybe he thought it was a paid advertisement ;) ...

....and his ego got the better of him.

Could be,but I doubt it.

Southern Lad
30-12-2020, 02:51 PM
It’s all a bit ironic - NZ Herald presumably haven’t paid Falkenstein for the comments and content he has supplied them, which they have then reported with presumably little value add and sought to monetise for themselves through selling papers and subscriptions. NZ Herald then apparently not happy that JLG have then distributed the article.

The key learnings would appear to be:

1. If you are going to provide NZ Herald with content, reach an agreement up front that you can use the reported comments for publicity purposes, or

2. Don’t provide comments to NZ Herald, rather hunt out another media outlet who is happy for you to reproduce, or

3. Put out a well constructed press release (with the assistance of a paid journalist), which baits the media into reporting in these quiet times where there is little real news happening, but which you still own the content.

Balance
30-12-2020, 03:05 PM
Up 3c so Tony will be happy with his ramping effort.

nztx
30-12-2020, 10:45 PM
No announcement that he wants to buy out the minorities again ? ;)

Just a moment - if that happened then the media wouldn't have a fraction of the interest in things ..

Balance
31-12-2020, 07:44 AM
No announcement that he wants to buy out the minorities again ? ;)

Just a moment - if that happened then the media wouldn't have a fraction of the interest in things ..

He has no chance of buying out minorities unless he pays a full and transparent price for the company - which will have to be at least $3 if he believes in the $100m revenue target.

A group of determined & rightly indignant minority shareholders (who supported the company from IPO & through additional funding post IPO when its Australian acquisition blew up ) hold more than 10% of the company. He has zero chance of doing another underhanded takeover bid and then, to compulsory acquire the last 10%.

Knowing Falkenstein, he will keep doing share buybacks and convert his dividends into shares (DRP) to dilute minorities until he attain 90%+.

All good for the sp.

Happy to hold the shares and hold him to account.

nztx
13-01-2021, 05:50 AM
Has Tony got NZH Business Writers on Speed Dial ? ;)


Or is he still bothered about a lost decade ?


https://www.nzherald.co.nz/business/leading-questions-just-water-ceo-tony-falkensteins-reveals-his-sugar-secret


Note: NZH Premium Reading Ticket Required !

Balance
13-01-2021, 06:46 AM
Has Tony got NZH Business Writers on Speed Dial ? ;)


Or is he still bothered about a lost decade ?


https://www.nzherald.co.nz/business/leading-questions-just-water-ceo-tony-falkensteins-reveals-his-sugar-secret


Note: NZH Premium Reading Ticket Required !

https://www.nzherald.co.nz/business/leading-questions-just-water-ceo-tony-falkensteins-reveals-his-sugar-secret/GSGILFP5G2FS446F2DSJG4GNLY/

Your link does not work.

NZH probably got a year’s supply of filtered tap water for their efforts at brushing up Falkenstein’s image?

All good stuff for the sp (should get the new investors salivating at the $100m revenue target)

but

leopards do not change their spots - his mind will be racing with devious intent on how to screw minority shareholders and not share the spoils.

So be alert & cautious while you enjoy the sp rise - as I am.

percy
27-01-2021, 10:47 AM
Buyers have pushed up the share price to 98 cents this morning..

nzcrab
27-01-2021, 03:38 PM
Anyone see any reason this has gone up today? I'm very confused as to why??

percy
27-01-2021, 04:34 PM
Buyers kept buying.
69,281 shares traded.Up 12 cents or 13.2% to close at $1.05.
Buyer wants 26,493 at $1.05, while the seller at $1.06 has 10 for sale.!
Next seller has 2507 for sale at $2.00....

Balance
27-01-2021, 08:43 PM
Wonder how those who ignored strong advice not to sell but sold to Falkenstein for 16c feel now.

percy
28-01-2021, 08:17 AM
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/366809/339432.pdf
Love speeding tickets..lol.

nzcrab
28-01-2021, 08:53 AM
I've got a small amount in this, hopefully they push it up to $2.00 :eek2:

Habits
23-02-2021, 06:08 AM
HY report must be due anyday does anyone know when it will be ... last year issued 20 feb

Habits
22-04-2021, 11:23 AM
Today up 6.8 percent, following latest acquisition... tightly held

Balance
22-04-2021, 11:25 AM
Today up 6.8 percent, following latest acquisition... tightly held

Wonder how those who fell for Falkenstein takeover-con feel, selling their shares to him for 16c.

Habits
22-04-2021, 11:54 AM
Wonder how those who fell for Falkenstein takeover-con feel, selling their shares to him for 16c.

When was this balance... Bet you didnt get suckered though. I am a late comer sh due to seeing one old mate works there, rest assured I dont have still contact with her.

Balance
22-04-2021, 12:05 PM
When was this balance... Bet you didnt get suckered though. I am a late comer sh due to seeing one old mate works there, rest assured I dont have still contact with her.

All the gory details :

https://www.sharetrader.co.nz/showthread.php?582-JWI-Just-Living-Group-(Just-Water-International)/page5

I not only did not get suckered, I bought more along with a few others so Falkenstein could not move to compulsory acquisition of minority shares at 15c (not 16c).

Falkenstein is a scumbag and an arsehole.

Habits
22-04-2021, 07:12 PM
Tonys LWTB slot in 2020 seemed really good to me. Of course they (just life) have taken on several subsidiaries/home reno product lines since which just makes them better.

Your ten percent is a fair chunk. If you feel that way about the CEO why dont you sell a few at least

Watch Living with the Boss | Full Season | TVNZ OnDemand
https://www.tvnz.co.nz/shows/living-with-the-boss

percy
23-04-2021, 08:03 AM
https://www.nzx.com/announcements/371122
An interesting earnings accretive acquisition.
Pleasing there is a rights issue rather than SPP.

Balance
23-04-2021, 08:16 AM
Tonys LWTB slot in 2020 seemed really good to me. Of course they (just life) have taken on several subsidiaries/home reno product lines since which just makes them better.

Your ten percent is a fair chunk. If you feel that way about the CEO why dont you sell a few at least

Watch Living with the Boss | Full Season | TVNZ OnDemand
https://www.tvnz.co.nz/shows/living-with-the-boss

We are there to keep him on a leash.

He will learn to work hard & diligently for the greater benefit of all shareholders, minority or not.

Getty
23-04-2021, 08:46 AM
That must mean you have a $450000 bill to pay the Falken for his latest swoop.

Time to sell some ATM? lol

Habits
23-04-2021, 09:25 AM
We are there to keep him on a leash.

He will learn to work hard & diligently for the greater benefit of all shareholders, minority or not.

Awesome comment Balance :t_up:

Habits
23-04-2021, 09:41 AM
That must mean you have a $450000 bill to pay the Falken for his latest swoop.

Time to sell some ATM? lol

The capital raise had been signalled last year... so Balance is not pressured to offload ATM, he would have been raising cash through car boot sales and selling up the family silver at cash converters

Getty
23-04-2021, 10:15 AM
Balance will keep things on the level...

Balance
24-04-2021, 08:36 AM
Falkenstein is so full of crap that he must wallow in the stuff whenever he opens his mouth :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/371122/344704.pdf

Page 7 of the acquisition and capital raise presentation :

“When I started this company over 30 years ago it was on a basis of trust and fair play to our investors, our staff and our customers.

I treat every shareholder as a partner in the business and a member of the Just Life family. I encourage them to give us input and welcome ideas that will assist in taking the company forward."

percy
26-04-2021, 09:32 AM
vAcquisition of About Health business

Just Life Group (NZX: JLG) is pleased to announce that it has agreed to acquire the business of About Health, as part of its acquisition strategy in the ‘healthy living’ and ‘healthy homes’ sectors.

The purchase price of $17 million will be funded through a combination of new and existing debt facilities and an equity raising. The acquisition is unconditional and is expected to complete on the 30th of April 2021.

The About Health business is a leading provider of natural dietary supplements in New Zealand, including well-known brands Lester’s Oil and Res-V Ultimate.


The COVID-19 pandemic has placed an even larger focus
on maintaining healthy diets, lifestyles and wellbeing, so
worldwide demand for supplements continues to grow

Looks to me to be a timely acquisition into a sector enjoying rapid growth.
Important dates:
https://www.nzx.com/announcements/371171

Habits
27-04-2021, 07:59 PM
Falkenstein is so full of crap that he must wallow in the stuff whenever he opens his mouth :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/371122/344704.pdf

Page 7 of the acquisition and capital raise presentation :

“When I started this company over 30 years ago it was on a basis of trust and fair play to our investors, our staff and our customers.

I treat every shareholder as a partner in the business and a member of the Just Life family. I encourage them to give us input and welcome ideas that will assist in taking the company forward."

Balance

How would you feel if the board chair and the CEO bought all the assets for $1 while the company wiped any debts and furthermore advanced cash to finance working capital?... this is exactly what just happened to Bendon, a subsidiary of a nasdaq listed company. Wow how times have changed, I remember when bendon was one of the market darlings and why wouldn't it be, they had elle macpherson as their underwear model

Naked Brand shareholders approve Bendon sale to management
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12438510

Paywalled

Balance
28-04-2021, 07:14 AM
Balance

How would you feel if the board chair and the CEO bought all the assets for $1 while the company wiped any debts and furthermore advanced cash to finance working capital?... this is exactly what just happened to Bendon, a subsidiary of a nasdaq listed company. Wow how times have changed, I remember when bendon was one of the market darlings and why wouldn't it be, they had elle macpherson as their underwear model

Naked Brand shareholders approve Bendon sale to management
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12438510

Paywalled

I have not followed Bendon since that shyster Watson bought it - in fact, I have steered well clear of anything he was and has been involved in.

Watson is not someone who can be trusted to do the right thing by business partners (as Owen Glenn found out to his enormous cost), minority shareholders or supporters (Hanover Finance).

Have a read of this :

https://www.nzherald.co.nz/business/watson-ordered-to-fork-out-1m/LSZNCOKHWQGGRDLMKO5NJ46CCE/

So serves anyone who is dumb enough to be involved with him bloody right to get played out - like in the case of Bendon yet again.

Coming back to Falkenstein, you can see that he is attempting to rewrite history - message to him is that he can correct his past wrongs by doing the right thing by minority shareholders and the people he interacts with.

Let's hope he does but if he doesn't, he won't get away because there are enough shareholders in the minority shareholding to hold him to account.

percy
05-05-2021, 02:07 PM
Just taken up my entitlement online.Fast and simple.

Habits
05-05-2021, 02:55 PM
Tony owns 80.8 percent and said he is taking up his entitlement. If some shd do not take their entitlements he could potentially increase his ownership ratio. Would not be hard to go to 90 percent compulsory acquisition if he really wanted, but I think he enjoys the profile he has through being public

Habits
25-05-2021, 07:57 AM
Just Life Group Limited

Announcement

as at 08:30:09, Tuesday 25 May, 2021 (NZT)

ADMIN: JLG: Just Life Group - Completion of Rights Offer

JLG
25/05/2021 08:30
ADMIN
PRICE SENSITIVE
REL: 0830 HRS Just Life Group Limited

ADMIN: JLG: Just Life Group - Completion of Rights Offer

Just Life Group Limited (NZX: JLG) is pleased to announce that its
renounceable rights offer closed on the 21st of May 2021 with strong
shareholder support. Approximately 5.9 million new shares were taken up under
the offer, representing approximately 90% of the new shares available under
the rights offer.

Just Life expects that the new shares taken up under the rights offer will be
allotted and begin trading on NZX on the 27th of May 2021. Just Life will
receive gross proceeds of approximately $4.1 million from the rights offer.

For further information, contact:

Tony Falkenstein
CEO
E: TonyF@justlife.co.nz
M: +64 21 950 856
End CA:00372735 For:JLG Type:ADMIN Time:2021-05-25 08:30:11



The trading and pricing information that appears on this website is provided by the New Zealand Exchange and the Australian Stock Exchange, and is subject to contractual arrangements that expressly prohibit the redistribution of such trading and pricing information. Any redistribution, by any party, constitutes a breach of the Internet Access Terms applying to this website.

Balance
25-05-2021, 08:03 AM
Just Life Group Limited

Announcement

as at 08:30:09, Tuesday 25 May, 2021 (NZT)

ADMIN: JLG: Just Life Group - Completion of Rights Offer

Just Life Group Limited (NZX: JLG) is pleased to announce that its
renounceable rights offer closed on the 21st of May 2021 with strong
shareholder support. Approximately 5.9 million new shares were taken up under
the offer, representing approximately 90% of the new shares available under
the rights offer.



Intriguing why anyone with shares in JLG would pass on the opportunity to make quick 20% via the rights issue - but Falkenstein will bet happy as his %tage stake has just increased.

Habits
25-05-2021, 08:19 AM
Intriguing why anyone with shares in JLG would pass on the opportunity to make quick 20% via the rights issue - but Falkenstein will bet happy as his %tage stake has just increased.

Max 90 grand profit across 450k new shares... could be a lot with small holdings. Divide by 14 @ 70cents each new share. Someone with 1000 shares would have got another 70 approx worth 50 bucks

percy
31-08-2021, 07:01 AM
https://sendy.tarawera.co.nz/l/J6oLVth2f3f6IXNYvUBQEg/l2892HTOOckkBFSksl763cIA7A/MseLtUFZMnhScsqTOJEIlA

percy
06-10-2021, 03:00 PM
https://www.nzx.com/announcements/380497
Another modest bolt on.

Getty
06-10-2021, 03:05 PM
mmm, Prostrate Power Flow eh?

Watch out PEB!

percy
15-08-2022, 06:21 PM
Another good bolt on acqusition.
https://www.nzx.com/announcements/396998

Habits
15-08-2022, 08:18 PM
Just Life Group have written down the value of The Cylinder Guy... I was going to get them to replace my hwc but they did not show up to quote and proved hard to call. That job could really have made a big difference to their bottom line :)

percy
15-08-2022, 08:23 PM
Just Life Group have written down the value of The Cylinder Guy... I was going to get them to replace my hwc but they did not show up to quote and proved hard to call. That job could really have made a big difference to their bottom line :)

Not a good advert for them.

percy
26-08-2022, 03:46 PM
A tough year,however JLG have come through it in good shape,and remain "well positioned"..

"We believe the current environment is an opportune time to seek out acquisitions and will
continue to look at businesses that make sense to include in our product offering."


http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/JLG/397758/377602.pdf