42 Below invests in Charlie’s
The move follows a recent announcement that Charlie's had acquired Phoenix Organics Limited.
26/12/05 Charlie's Group Limited (CHA) has announced that 42 Below Limited (FTB) had taken a 4.7% stake in Charlie’s, following the recent announcement that Charlie's had acquired Phoenix Organics Limited.
Charlie's CEO, Stefan Lepionka said "he was delighted to welcome 42 Below on board as an investor". "The companies have many similarities; New Zealand owned, high growth, offering premium brands". Mr Lepionka noted "the companies have a complete and complementary set of distribution channels, customers and products and discussions on utilising these are encouraging and ongoing"
42 Below CEO Geoff Ross noted "We are very impressed that Charlie's has purchased the premium cafe beverage operator Phoenix Organics. This is an important move for our industry". Mr Ross said.
FTB has subscribed for 12,621,810 ordinary shares in CHA for $1,632,000, on conversion of the equity loan previously announced to the market.
