News

Shareholder Letter re Notice of Partial Offer

The Board of Abano Healthcare Group (NZX:ABA) has sent a letter to Abano shareholders to provide an update on the third submission of notice of partial takeover offer by Healthcare Partners. This is a company associated with Peter and Anya Hutson and James Reeves, who have all been involved in previous attempts to gain control of Abano and to force changes to Abano’s Board.

The letter reiterates the Board’s preliminary view that the partial nature of the proposed offer is not in the best interests of shareholders.

In particular, the Board notes that:

  • Healthcare Partner’s proposed offer is NOT an offer for all your shares. If the partial takeover offer succeeds, it is highly likely that scaling will apply and you will only receive the takeover price for a portion of your shares (potentially only 38% if all shareholders accepted the offer for all their shares). It is very likely you would retain a majority of your shares in Abano. The company would then be controlled by Healthcare
  • Partners and its directors.
  • There is no benefit in accepting the offer early. Once you have given your acceptance, it cannot be withdrawn.
  • Acceptances are not treated on a ‘first in, first served’ basis. Rather acceptances will be subject to scaling if total acceptances exceed the number of shares being sought under the offer. If you accept the offer, you will not be paid until after the offer closes.
  • If Healthcare Partners reaches its acceptance target in the last seven days of the offer, the offer period will automatically extend for 14 days. If this occurs, or if Healthcare Partners reaches its acceptance target earlier,
  • Abano’s Board will let you know as soon as possible so you can consider what to do with your shares.

Shareholders are urged to TAKE NO ACTION and wait until they receive the Target Company Statement from the Abano Board.

Letter to Shareholders re Notice of Partial Takeover

Back