Charlie's founders sell 15m shares

Stefan Lepionka Photo / Kenny Rodger

Parties associated with founding shareholders of beverage company Charlie's have sold a combined 15.31 million ordinary shares in the company.

The company today said Stefan Lepionka, Marc Ellis and Simon Neal sold the shares at 18c each to institutional and private investors, who wanted a meaningful stake in the company but were unable to buy enough shares on-market to satisfy their needs.

The sell down represented only a 5.21 per cent reduction in shareholding between the three founders, Charlie's said.

Along with the company's long-standing largest cornerstone shareholder, Collins Asset Management, the major shareholders had a total of 51.62 percent of the group.

Lepionka, Charlie's chief executive, said the decision to sell had not been easy for any of the founding shareholders, but their personal financial commitments had changed significantly in the 11 years since starting the business.

"The three of us started this business in our late 20s, with few financial and personal responsibilities.

"Between the three of us we will soon have eight children to provide for and the opportunity to sell to some of New Zealand's key investment institutions is a good opportunity for both the company and the founding shareholders."

After five years as a listed company, Charlie's last week signaled it may pay a maiden dividend next year.

Chairman Ted van Arkel told shareholders at the company's annual meeting that gross sales for the six months to December 31 would be around $21 million, up 24 per cent on last year.

- NZPA