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Abano Announces Cash Return To Shareholders

Abano Announces Cash Return To Shareholders

23 June 2005

Abano Healthcare Group, today announced details of a proposed one-off cash return of capital to be offered to shareholders, subject to the approval and settlement of the sale of Abano's aged care business, ElderCare.

The cash return, of NZ$10 million, is conditional on a number of factors, including relevant Inland Revenue approvals, completion of the sale of the ElderCare business, and certain minimum threshold shareholder acceptances. Further details of the share buy-back will be sent to shareholders in coming weeks.

The capital return was first announced in late May, when the company signed a conditional agreement to sell ElderCare to Macquarie Bank for NZ$63.5 million. At that time, the chairman of Abano, Mr Jim Syme, told the market that the Group hoped to make a payment to shareholders, of up to the amount of the capital gain that was realised on the sale.

Today, Ms Alison Paterson, an independent director on the Abano board, provided further details on the cash return: "The board proposes that a return of capital of $10m will be made by way of an off-market pro-rata voluntary share buy-back. We will be working towards completion of the capital return by late August 2005 and will advise further details, including the record date, buy-back offer price and ratio of shares to be cancelled, in due course."

ENDS

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