Acuron dons Greencap for $15m public offer

The re-invention of former wound care products company Acuron Ltd continues, as the Perth-based firm today opened a public offer to raise $15 million for the acquisition of two consulting services.

The company announced it would divest the wound care subsidiary, Protex Healthcare (UK) Ltd, for a move into environmental risk consulting with the acquisition of Melbourne-based risk management consulting group Noel Arnold & Associates for $16.25 million and Perth-based environmental consulting service ENV Australia Pty Ltd for $6.75 million in cash and scrip.

The offer and appointments are conditional on shareholder approval - with the company due to hold its meeting on July 6.

Acuron, to be renamed Greencap Ltd, will issue 75 million shares at 20 cents each to raise the money, as well as establishing debt facilities of up to $6 million.

The company will also consolidate currently issued shares and options on a 1 for 20 basis.

In addition to the first two acquisitions, the company has entered acquisition talks with Melbourne-based specialist Legionella, water and energy management consulting group ECC Pty Ltd, though these negotiations are not expected to be completed until after the Company has re-listed on the Australian Securities Exchange.

Chartered accountant and current company director Jeffrey Broun will be appointed managing director, with current director Stephen Belben also remaining on the board in a non-executive capacity. They will be joined by Noel Arnold executives Noel Arnold and Andrew Meerman, as well as Scott Bird of ENV, following the acquisitions. Michael Slater will also be on the board as finance director and chief operating officer.

Acuron said in a statement in April that the acquired companies would continue to operate independently of one another, while looking to leverage strategic opportunities off one another's particular skills and knowledge bases.

The company will sell both the Australian and UK divisions of Protex as a part of the restructure, after the business experienced a patent revocation actions from rival companies in the UK courts.

Acuron downsized the Protex executive and operational teams in the UK and Australia in August last year, to reduce costs while the action was ongoing.

The company said it was currently considering its options for the business, though it did not expect there to be a mineral impact in the company's net asset position.

Moore Stephens Perth Corporate Services Pty Ltd will act as investigating accountant to the company, with Ernst & Young to serve as auditor. Steinepreis Paganin will provide legal advice.

The offer is fully underwritten by Patersons Securities Ltd, and will close on July 6.