Managing director Chris Hopkins told the AGM the company is "over-capitalised."
The company today said it is looking for "suitable acquisitions."
Dunedin-based Scott Technology is in the final stages of planning to extend its facilities.
Southern entrepreneur Phil Burmester says he tears his hair out when he listens to the discussions on water bore sales on talkback radio.
The shares climbed 1.8% to $2.28, the highest level since September 2005, and have surged 45% this year.
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