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Abano Confirms Completion of Placement

Abano Healthcare Group Limited (NZX:ABA) advises that it has issued 1,554,622 fully paid ordinary shares pursuant to a placement to selected institutions and other eligible persons that was undertaken on 28 August 2013.

Abano Healthcare Group Limited (NZX:ABA) advises that it has issued 1,554,622 fully paid ordinary shares pursuant to a placement to selected institutions and other eligible persons that was undertaken on 28 August 2013.

The $9.25 million placement forms part of the equity capital raising programme to raise up to $18.5 million announced to the market on 28 August 2013.

Chairman of Abano, Mr Trevor Janes, said: “The placement was oversubscribed and we were very pleased with the support we received. The top five shareholders, as well as existing institutional shareholders, participated in the placement.

“We are looking forward to offering the same opportunity to all our shareholders, through a Share Purchase Plan which opens on 13 September 2013. Overall, the capital raising is structured so as to provide for substantially pro rata participation by all existing shareholders.

“The funds raised will be utilised to continue our investment into dental, where we see significant opportunities in both Australia and New Zealand, and our other businesses. It will provide Abano with the flexibility to fund other opportunities as they arise.”

Under the Share Purchase Plan, expected to raise up to $9.25 million, shareholders will be invited to subscribe for up to $15,000 of new ordinary shares each, in multiples of $500.

The subscription price will be the lower of the placement price of $5.95 per share and the average end of day market price of Abano shares on the NZX Main Board market over the final five business days of the offer period.

Key dates

The record date for determining entitlements to participate in the Share Purchase Plan is 5.00pm on 10 September 2013. Other key dates (which are subject to change) are as follows:

  • Mailing of Share Purchase Plan to Shareholders: 12 September 2013
  • Opening Date: 13 September 2013
  • Closing Date: 1 October 2013
  • Allotment Date: 8 October 2013

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