Deal to list Charlies waiting on report

A deal that would see Mark Ellis' juice company Charlie's enter the sharemarket via a back door listing has been slowed down as the parties wait on an independent appraisal.

Last month technology investor Spectrum Resources said it would sell an investment in software development business Kinetiq, undertake a one-for-10 consolidation of its shares and then issue shares to Charlie's shareholders at 10c each. The listed company would then be renamed Charlie's.

Spectrum said today in a statement to the stock exchange its directors had hoped to have the deal finalised by April 8.

"That has not been possible as the independent appraisal by Porter Horwath Wigglesworth Limited awaits completion." the statement said.

The directors said they hoped to make a further announcement shortly.

- NZPA