Settlement of Abano Share Buy-Back Offer
Abano Healthcare Group Limited (NZSX: ABA) is pleased to confirm that it has today declared unconditional, and proceeded with the settlement of, its share buyback offer.
The offer, which closed on 18 December 2009, received acceptances in respect of 2,909,218 ordinary shares (representing 11.60% of the market value of all shares on issue at the time shareholders were first notified of the acquisition).
Although this level of acceptance was less than the minimum acceptance condition set out in the Offer Document (being 3,761,097 shares or 15% of the market value of all shares on issue at the time shareholders were first notified of the acquisition), the Abano board, as permitted by the Offer Document, has waived the minimum acceptance condition and declared the offer unconditional. Abano has received confirmation from the Inland Revenue Department that the waiver will not change the taxation treatment of the offer.
The acquired shares were purchased at the offer price of $5.93 per share, repesenting an aggregate acquisition amount of approximately $17.25 million. This price has been paid to accepting shareholders in accordance with the Offer Document and Acceptance Form for the offer.
As the acquired shares were cancelled on acquisition, Abano now has 20,896,287 ordinary shares on issue.