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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:3211F Healthcare Enterprise Group PLC 17 November 2004 Healthcare Enterprise Group PLC Acquisition of Crest Medical from UniChem Ltd Healthcare Enterprise Group PLC ("HCEG" or the "Company"), the healthcare products and services company, today announces the conditional acquisition of the entire issued share capital of Crest Medical Limited ("Crest") from UniChem Limited, a wholly-owned subsidiary of Alliance UniChem Plc. The initial consideration is an upfront payment of #4.5 million in HCEG shares with additional payments of up to #3 million payable in shares or cash depending on the future performance of the business. A term of the acquisition is that certain existing indebtedness of Crest to Unichem will be repaid within an agreed timeframe. HCEG has also executed a three-year supply contract to UniChem Limited as part of the transaction. Crest provides first aid and medical product supplies to the occupational healthcare and first aid market in the UK. The top 40 customers accounted for approximately 80% of Crest's sales. Approximately 25% of the sales for the year ended 31st December 2003 was first aid kits with the remainder being a range of other medical products including eye care products, dressings and certain pharmaceuticals. Crest had sales of just over #7 million, gross profits of #1.9 million and an operating loss of #0.2 million for the year ended 31st December 2003. As at this date, Crest had net assets of approximately #1 million. On completion of the transaction HCEG will integrate the Crest business into its own occupational health and first aid business. The management of HCEG consider that there is the potential to achieve economies of scale in cross-selling opportunities, improved purchasing power and central cost savings. The combined business will have a significant share of the relevant markets in the UK with a blue chip customer base including over 65 of the FTSE 100 companies. The initial consideration for the transaction will be paid as #4.5 million in ordinary shares of 0.1p each in the capital of HCEG ("Ordinary Shares"), which are the subject of a vendor placing by Numis Securities Limited ("Numis"). The performance-related payments will be paid in cash or shares subject to specific commercial milestones being met. Under the vendor placing, Numis has today conditionally placed 230,769,230 Ordinary Shares on behalf of UniChem Ltd with several UK institutional investors at a subscription price of 1.95p per share. In addition, Numis has conditionally placed a further 290,000,000 Ordinary Shares on behalf of HCEG raising #5,655,000 to fund working capital, product development and the expenses of the transaction (together the "Placing") The Placing and the completion of the acquisition of Crest is subject to the placing agreement between, inter alios, Numis and the Company becoming unconditional and not being terminated on or before 26 November 2004. The Placing shares will rank pari passu in all respects with the existing Ordinary Shares in issue. Application has been made for the Placing shares to be admitted to trading on AIM and it is expected that dealings in the Placing shares will commence on 19 November 2004. Please refer to the Company's interim financial results that have been released separately today. Stuart Bruck, Chairman, Healthcare Enterprise Group PLC, commented: "Our stated aim is to become a leading provider of occupational healthcare and first aid products in the UK. We identified this area as being fragmented with significant consolidation opportunities. We entered this marketplace a little over a year ago with the acquisitions of Safa Group and IPS followed by First AID UK five months ago. Today's purchase of Crest establishes the group squarely in this niche area as leader. "HCEG should achieve short term integration benefits from the acquisition, but strategically the benefits are much deeper. Our platform provides considerable business development opportunities through widened ranges of products and services, an enlarged customer base within the UK and a springboard to penetrate Europe and the USA." 17 November 2004 Enquiries: Healthcare Enterprise Group PLC Tel: 020 7351 7500 Stuart Bruck, Executive Chairman College Hill Tel: 020 7457 2020 Nicholas Nelson Corinna Dorward This information is provided by RNS The company news service from the London Stock Exchange END ACQUBOBRSURAARA
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