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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:5123Y Healthcare Enterprise Group PLC 11 May 2004 Healthcare Enterprise Group PLC Ebiox milestones achieved - deferred consideration for the purchase of SafaTec stake Healthcare Enterprise Group ("HCEG" or the "Group") is pleased to announce that as a result of certain pre-agreed milestones being reached by Ebiox Limited, which is 49% owned by HCEG, deferred consideration has become payable to the vendors of the 60.7% stake in SafaTec (UK) Limited ("SafaTec") acquired by HCEG in November 2003. The acquisition of the 60.7% stake in SafaTec gave the Group access to a pipeline of innovative healthcare products. One such product is Ebiox, which is a range of proprietary cleansing and decontamination products for use in the healthcare industry. The surface and instrument decontamination products are now being rolled out in the UK and USA, and are already being used in over 50 National Health Service hospitals. In February 2004 the US Environmental Protection Agency ("EPA") gave its approval for a range of five of Ebiox's decontamination products to be distributed in the US. HCEG, through its operations in the US, will be pivotal to the marketing process of these products. An additional milestone achieved in March 2004 relates to Ebiox wipes being included in the 2004 NHS Catalogue of approved products. A distribution agreement was subsequently entered into between the NHS Purchasing and Supply Agency and Ebiox's UK distributor, Vernon-Carus Limited, resulting in Ebiox multi-surface decontamination wipes being approved for use by all NHS hospitals. HCEG considers these two milestones to be of fundamental importance to the group's strategy of distributing Ebiox products to the widest possible customer base. Deferred Consideration The EPA approval and the inclusion of Ebiox products in the 2004 NHS Catalogue each constitute milestones triggering the payment of deferred consideration under the agreement entered into by HCEG on 18 October 2003 for the purchase by HCEG of a 60.7% equity stake in SafaTec (UK) Limited (the "SafaTec Agreement"). Details of the SafaTec Agreement, including the terms of the deferred consideration payable by HCEG, were summarised in paragraph 4 of Part I and in paragraph 12.1.12 of Part X of the prospectus issued by HCEG on 20 October 2003 (the "Prospectus"). The SafaTec Agreement provides that ordinary shares of 0.1p each in the capital of HCEG ("Ordinary Shares") to the value of #832,000 are to be issued upon the attainment of each of these milestones at issue prices calculated in accordance with the terms of the SafaTec Agreement summarised in the Prospectus. As a consequence of the attainment of the first two milestones, 103,759,069 Ordinary Shares in aggregate are to be issued by way of deferred consideration to the vendors under the SafaTec Agreement as follows: 1. 69,343,934 Ordinary Shares to Gordon Wood, Chief Executive Officer, Products and Distribution Division; 2. 18,149,276 Ordinary Shares to Goosec Limited; 3. 11,985,371 Ordinary Shares to the trustees of the Safa Trust, a trust connected with Gordon Wood; and 4. 4,280,488 Ordinary Shares to Sinitus Nominees Limited. Application is being made for these Ordinary Shares to be admitted to trading on AIM. 11 May 2004 Enquiries: Healthcare Enterprise Group PLC Tel: 020 7659 6158 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 MSCBIGDUDGBGGSG
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