Water torture pay twist

GOLD Coast company Water3 is floating plans to list on the Singapore Stock Exchange amid grumbling from some investors they haven’t been paid in more than a year.

The company, which recently announced a partnership with Sydney-based Hydropoint, builds vending machines that sell spring water. Investors paid $25,000 plus GST per kiosk on the promise of an annual 15 per cent return in lease payments.

Some investors have told the Bulletin they have not been paid since March 2020.

One said he had invested more than $300,000 – his life savings – into the company.

In a newsletter to investors on April 30, the company said it was on track to float on the Singapore Stock Exchange “late this year or in the first quarter of next year”.

“Since returning from COVID our main focus has been to resume payments and honour kiosk buybacks and we are aware that this has taken longer than we originally forecast, but we have continued to build and create opportunities that will put us in a strong position,” the company said.

“We know that many of you have been waiting for payouts and rent for a number of months and we understand the frustration and worry being felt, but we are confident in our current direction and as soon as we are in a position to commence payouts we will be in contact with all kiosk owners directly.”

The company told the Bulletin it would not be commenting for the story.

The Bulletin has been told Water3 intends to list on Singapore’s SGX using the name Vending Machines International PTE Ltd. Some investors have exchanged their lease and buyback agreements for shares in the new entity in the hope they would be able to sell the shares when they listed.

Water3 had approached stockbroking firm Morgans with a view to listing on the ASX but was rejected.

Former director Damien Stone has previously said the company had struggled with cleaning the machines between each use.