Transaction Type: Company meeting (Allotment)
Allottee: Cape Town Healthcare Limited, LPL Trustee Limited, Radius Health Group Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 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 in its acquisition of Radius Pharmacy Limited and Radius Medical Limited. The allotments would 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.
At the annual meeting on 18 July 2011, Pharmacybrands shareholders approved the allotment of shares to Cape and LPL.
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