Connor - $7.25 a Share Payout Now Rests with Regulators

20 November 2014

Connor Goes through 90% - $7.25 a Share Payout Now Rests with Regulators

Connor Healthcare Limited (Connor) today advises that shareholders have overwhelmingly supported its $7.25 a share takeover offer for Acurity Health Group Limited (Acurity) and it now has acceptances totalling more than 90% when taken with its current holding.

Among those acceptances (totalling 94.12% as of today when taken with its current holding) include all major institutions on the register as well as shareholding doctors and surgeons – a number of whom work at Acurity facilities.

With the 90% threshold now passed and OIO approval also granted, the only other remaining condition (other than usual conditions) is Commerce Commission clearance.

Connor spokesman Mark Stewart said: “It is a ringing endorsement of our offer that shareholders have overwhelmingly supported it. This follows the board and management of Acurity also throwing their weight behind our offer on the basis that it is in the best interests of shareholders and also the company.

“We believe we have made a very robust application to the Commerce Commission and we now look forward to its report.”

Connor’s offer formally closes tomorrow (21 November 2014). Given it has passed the 90% threshold, it has a maximum of 30 days after tomorrow to satisfy any remaining outstanding conditions. Connor is expecting to hear back from the Commerce Commission by the end of this month.

About Connor Healthcare
Connor Healthcare is a company established by two existing shareholders in Acurity: Austron Limited and Sydney-based Evolution Healthcare (NZ) Pty Limited (which will own 25% of Connor on completion of the takeover).

Austron is an incorporated joint venture between the Royston Hospital Trust Board and interests associated with the Stewart Family of Christchurch.

Evolution is a leading provider of healthcare services in Australia and New Zealand. Evolution’s focus is to invest in private healthcare facilities, attract and train the best staff and partner with leading medical specialists to offer patients excellence in healthcare. Evolution separately owns and operates Shellharbour Private, South Coast Private, Boulcott, Canberra Private and Waratah Private hospitals.

ENDS

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