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Offeror(s): Harvard JV
Independent Adviser(s): KordaMentha (Rule 21), Northington Partners (Rule 22)
Offer Date: 14/11/2014
Closing Date: 19/12/2014
Offer Type: Full
On 14 November 2014, Harvard JV made an unconditional full takeover offer for all of the ordinary shares and all the options in Just Water International Limited (“Just Water”). Harvard JV was an unincorporated joint venture formed by The Harvard Group Limited and its associates, who were each a shareholder of Just Water. Harvard JV was formed for the purposes of making the takeover offer.
The consideration offered was:
$0.15 cents per Just Water share; and
between $0.021 and $0.033 per Just Water option.
Northington Partners prepared a rule 22 independent adviser’s report on the fairness between the different classes of voting securities. KordaMentha prepared a rule 21 independent adviser’s report on the merits of the offer. KordaMentha’s assessed valuation range per Just Water share was between 14.7 and 16.8 cents.
The offer closed at 11.59 p.m. on 19 December 2014 with Harvard JV receiving acceptances that resulted in it holding or controlling approximately 79.012% of the shares in Just Water.