Charlie's extends due diligence on Arano

Listed juice company Charlie's is still completing due diligence on the businesses and brands of specialty juice and smoothie brand Arano.

Charlie's said today that the due diligence period has been extended to October 21, from an original deadline of October 14.

Settlement will follow on October 28, instead of October 21 as originally scheduled.

On September 28 Charlie's announced it had entered into three separate conditional agreements to buy the component businesses and brands associated with Arano.

The contracts are with Devore Group, Dysart Beverages and JuiceExtractors NZ and are dependent on each other.

Payment will be $4.65 million in cash and 6 million Charlie's shares.

The acquisition would give Charlie's access to 26ha of mature Valencia juicing oranges based in Gisborne.

Charlie's made a back door listing on the sharemarket on July 14 through a reverse takeover by listed shell company Spectrum Resources.

- NZPA