JWI - Just Living Group (Just Water International)

[Chaowee88]

Ok, what going on some trading now going through at 15.5, higher than the takeover offer...

JWI driving to new heights..

[Joshuatree]

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]

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/new...ectid=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]

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]

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]

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]

http://m.nzherald.co.nz/business/new...ectid=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]

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]

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]

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?