Abano Healthcare Group Limited (NZX:ABA) gives notice that late last night
(24 November 2016) it received a new notice under the Takeovers Code from
Healthcare Partners Holdings Limited (Healthcare Partners), a company
associated with Peter and Anya Hutson and James Reeves.
This is the third takeover notice Peter Hutson has submitted on behalf of
Healthcare Partners this month, for essentially the same partial takeover
offer, after Abano raised concerns with the Takeovers Panel that Healthcare
Partners'' previous notices were incorrect or contained misleading information
which would have breached the Takeovers Code.
The new (24 November 2016) takeover notice has been issued as a result of
Abano''s concerns that the 7 November 2016 takeover notice contained
misleading information, and so to proceed under it would have resulted in
Healthcare Partners breaching the Takeovers Code. The Abano Board raised the
issue because it believes it is crucial that shareholders receive accurate,
fair and valid information from which they can make an informed decision.
Healthcare Partners initially submitted a takeover notice on 4 November 2016.
It was then required to submit a new takeover notice on 7 November 2016 to
address certain aspects of its first takeover notice which did not comply
with the Takeovers Code. Accordingly, the 24 November 2016 notice is
Healthcare Partners'' third takeover notice. Healthcare Partners has
withdrawn its previous takeover notices.
This third notice gives notice of Healthcare Partner''s intention to make a
partial takeover offer for 30.99% of Abano''s shares, in order to take
Healthcare Partners'' total shareholding to 50.01%. A copy of the new takeover
notice, and the documents that accompanied it, are attached.
Grant Samuel & Associates Ltd, which was appointed by Abano in respect of the
7 November 2016 takeover notice, will continue as Independent Adviser and
will prepare an Independent Adviser''s report on the merits of Healthcare
Partners'' proposed partial takeover offer. This report, along with the Abano
Directors'' recommendation, will be sent to shareholders in the Target Company
Statement within two weeks of the takeover offer being sent to shareholders.
The new offer remains substantively the same as the previous offers and the
Abano Board''s preliminary view - that the partial nature of the offer is not
in the best interests of shareholders - has not changed.
The Board of Abano strongly recommends that Abano shareholders DO NOT TAKE
ANY ACTION in respect of the takeover notice until they receive further
guidance from the Board.
Shareholders and other persons who may be considering buying or selling Abano
shares before then should seek their own professional advice.
ENDS
End CA:00293324 For:ABA Type:TAKEOVER Time:2016-11-25 10:05:47