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Pharmaust proposal "illusory" – AHG

THE board of Advanced Health Care Group Ltd has advised shareholders to take no action in relation to a proposed takeover bid from Pharmaust and has labelled the move as “opportunistic”. In a letter to shareholders, AHG also said its three largest shareholders, Hawkesbridge Ltd, HET No1 Pty Ltd and the Atkinson Family Superannuation Fund, would not accept Pharmaust’s 1.5-cents-a-share offer based on the current information available. The three shareholders collectively hold more than 40 per cent of AHG shares. “Given one of the proposed conditions of Pharmaust’s offer to AHG shareholders requires 90 per cent acceptance, it is highly unlikely this condition could be met, making the offer illusory,” AHG said. Pharmaust made a surprise $2.3 million merger proposal to AHG last week, which AHG claimed was not in the interests of shareholders. It said private equity group Hawkesbridge Ltd had sold shares to Covenant Nominees at a price of 2.5 cents a share on January 8. But Pharmaust has claimed its offer was 50 per cent above a recapitalisation agreement accepted by AHG shareholders in August in a contentious vote being disputed by PharmAust.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/10/18

1 year TSR5 year TSR
136thSeven Group Holdings37%22%
227thWesfarmers17%7%
428thMonadelphous-12%2%
614thAutomotive Holdings Group-41%-8%
800thRCR Tomlinson-72%-18%
744 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

01/11/18
$170k Bought
02/05/18
$5k Bought
12/12/16
$146k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Wesfarmers$67,152.0m
2nd-Automotive Holdings Group$6,472.6m
3rd-Seven Group Holdings$3,411.5m
4th↑RCR Tomlinson$2,004.1m
5th-Monadelphous$1,742.2m
240 listed industrial companies ranked by revenue.
Source: Morningstar

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