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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 18/07/2011
Cape Town Healthcare Limited (“Cape”) and LPL Trustee Limited (“LPL”) each held or controlled 26.90% of the shares in Pharmacybrands. Pharmacybrands intended to raise additional equity through allotting 8,888,889 new ordinary shares to both Cape and LPL. The proposed allotment of shares would raise $8 million to support Pharmacybrands to acquire Radius Pharmacy Limited and Radius Medical Limited, and result in Cape and LPL each becoming the holder or controller of 30.39% of the voting rights in Pharmacybrands.
On 14 February 2011, Pharmacybrands announced it had entered into an agreement with Radius Health Group Limited, the owners of Radius Pharmacy, to purchase 100% of the shares in Radius Pharmacy, conditional on shareholder approval and finance arrangements.
At the meeting of shareholders on 24 March 2011, the acquisition of Radius Pharmacy was approved.
On 18 July 2011, the resolution to approve the allotment of shares to Cape and LPL was approved at the annual meeting of shareholders.
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