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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Healthcare Ent. | LSE:HCEG | London | Ordinary Share | GB00B6030H73 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9319T Healthcare Enterprise Group PLC 07 January 2004 Healthcare Enterprise Group PLC Acquisition of US Healthcare Advisory Firm and Related Interest Healthcare Enterprise Group PLC ("HCEG") has today acquired Medical Development Specialists, Inc. ("MDS"), a California-based healthcare advisory company, and has also acquired from Philip Dalton, Chief Executive Officer of MDS, a 50% interest in Strategic Creative Solutions, LLC ("SCS"), a healthcare marketing and advertising firm (collectively, the "Acquisitions"). MDS is a provider of planning, policy, and advisory services to health systems, hospitals, health plans, businesses, and government. Through its relationship with SCS, MDS also provides marketing and advertising services to these organisations. Although MDS and SCS were formed in early 2003, they incorporate substantial expertise from broadly recognised senior healthcare consultants. The principal purpose of the Acquisitions is to provide HCEG with a proven platform from which to provide strategic and commercial healthcare advisory services. For the ten-month period ended 31 October, 2003, MDS and SCS generated $319,419 and $327,330, respectively, in gross revenues and $51,607 and $100,914, respectively, in profits. The acquisition of MDS is structured as a merger of MDS with and into a wholly-owned subsidiary of HCEG formed especially for the purposes of this transaction. The initial consideration for the Acquisitions comprises the issue of 20,478,374 ordinary shares to the MDS shareholders. At the current HCEG share price as at close of business on 6 January 2004 of 1.69p this equates to an initial value of #346,085. HCEG has also agreed to pay further contingent consideration by issuing in installments up to the lesser of: (i) 100 million shares; or (ii) shares with a value of $6 million by reference to the relevant market price of HCEG's shares (and this monetary cap also applies to any shares issued to satisfy any liability of HCEG under a tax gross up) depending upon the accomplishment of certain financial milestones of MDS over a three year period. In addition, Mr. Dalton, the principal shareholder and operator of MDS, will remain with the business as an employee and will be granted options over 40 million ordinary shares 20 million of which will vest on grant and the balance over the three-year period. Stuart Bruck, Executive Chairman, stated: "MDS provides HCEG with the required position in the market to build its international healthcare advisory platform that will focus on medical products and services." "Philip Dalton, the founder of MDS who brings with him 25 years of successful commercial healthcare advisory and management expertise to our company, will report to Michael Low, the Chief Executive of our Advisory and Management Services business, and spearhead the effort of growing our advisory service business in the US, UK, and Germany." "We believe that the acquisition of MDS, under the direction of Philip Dalton and our management team, should be accretive to the value of HCEG." HCEG is an international healthcare services company focused on occupational healthcare, private healthcare services, and distribution of medical devices. 7 January 2004 Enquiries: Healthcare Enterprise Group PLC Tel: 020 7659 6158 Stuart Bruck, Executive Chairman Michael Low, Chief Executive Advisory & Management Services Division Tel: 001 310 335-0090 College Hill Tel: 020 7457 2020 Alex Sandberg / Nicholas Nelson / Corinna Dorward This information is provided by RNS The company news service from the London Stock Exchange END ACQUBVBRSARARRR
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