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Life Pharmacy Hearing Growth

Life Pharmacy Hearing Growth

Life Pharmacy Limited (NZX: LPL) today announced that it has signed a Heads of Agreement to purchase 51 percent of audiology businesses Hearing Holdings Limited and Securitenet International Limited, which it will expand and roll out into Life Pharmacy stores nationwide. The companies currently trade under the name New Hearing Centres and operate businesses in Auckland and Rotorua.

The hearing centres will operate as stand-alone clinics and within Life Pharmacy stores under the name New Hearing. They will offer a complete range of hearing services at convenient and readily accessible locations.

The acquisition is subject to due diligence and any regulatory approvals. Consideration (which remains confidential at this stage) will be made up of 80 percent cash and 20 percent Life Pharmacy shares based on an issue price of 85 cents. The issue of new shares will help move Life Pharmacy closer to meeting the spread requirements set out in NZX Listing Rule 5.2.3.

Interests associated with the CEO of New Hearing Centres, Allan Binks, will retain ownership of 49 percent of the business and Mr Binks will be contracted as a full time executive within the expanded organisation. The agreement also includes an option for Life Pharmacy to acquire the remaining shares in the business.

About Life Pharmacy

Life Pharmacy Limited owns the Life Pharmacy brand and holds a 49 percent shareholding in 17 pharmacy companies, representing 16 of the 21 Life Pharmacy stores operating throughout New Zealand. Stores are located in Auckland, Hamilton, Bay of Plenty, Wellington and Christchurch.

ENDS


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