Allens acts for Healthscope on A$140 million capital raising
26 August 2009
Allens Arthur Robinson (Allens) has acted for Healthscope Limited (Healthscope), a leading private healthcare provider within Australia, on a capital raising valued at A$140 million.
The transaction comprises a fully underwritten institutional placement, which opened on 26 August 2009, and will be followed by an offering to retail shareholders in Australia and New Zealand with an opportunity to subscribe for up to A$15,000 of new Healthscope shares under a share purchase plan.
The capital raised from the transaction will go towards Healthscope's plans for the expansion of hospitals, funding for recent acquisitions of pathology and medical centres - including its recent acquisition of Analytical Reference Laboratories - and to provide flexibility to pursue future acquisition opportunities.
Allens Melbourne-based Partner Cameron Price, with Lawyers Brooke Griffin and Xinmin Pang, advised Healthscope on the transaction, which covered all legal and regulatory aspects of the institutional placement and the share purchase plan.
'We are very pleased to be assisting long-term client Healthscope with the acquisition of ARL Pathology and the funding of its growth plans,' said Mr Price.
'As Healthscope's results announcement demonstrates, the healthcare sector has been resilient during these difficult economic times, and the equity markets have recently been showing signs that they are prepared to fund appropriate growth plans. This equity raising will give Healthscope some flexibility to pursue future acquisition opportunities.'
The issue price for the institutional placement will be determined by a bookbuild and the share purchase plan will be offered in accordance with the new ASIC Class Order 09/425, which permits companies to offer up to A$15,000 of shares to each shareholder under a share purchase plan.
Ends
| Allens legal team | Cameron Price (Partner – Melbourne), Brooke Griffin (Lawyer – Melbourne) and Xinmin Pang (Lawyer – Melbourne) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
