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- MedAdvisor (MDR) enters into a trading halt ahead of a $14.6 million capital raise to support accelerated growth and the planned acquisition of GuildLink
- The acquisition of GuildLink will enable MedAdvisor to provide a consolidated platform that removes duplication and increases efficiencies for Australian pharmacies
- The company will issue around 57.1 million MedAdvisor shares to the Guild Group, which is owned by the Pharmacy Guild of Australia
- The trading halt will be lifted on July 27 or when the company announces the outcome of the institutional component of the offer
- Shares in MedAdvisor last traded at 14 cents prior to the trading halt
MedAdvisor (MDR) has entered into a trading halt ahead of a $14.6 million capital raise to support accelerated growth and the planned acquisition of GuildLink.
The acquisition of GuildLink will enable MedAdvisor to provide a consolidated platform that removes duplication and increases efficiencies for Australian pharmacies.
It will also enhance the company’s ability to provide services like integrated bookings and medication management for their patients.
The company will issue around 57.1 million MedAdvisor shares to the Guild Group, which is owned by the Pharmacy Guild of Australia.
The shares represent 15 per cent of the company’s issued share capital and have an issue price of 16 cents and an aggregate value of approximately $9.14 million.
Commenting on the acquisition of GuildLink and the ongoing partnership with Guild Group, MedAdvisor Chair Linda Jenkinson said it deepens the company’s relationship with the Pharmacy Guild and many pharmacies supported by GuildLink.
“As pharmacies widen their scope of practice, and governments seek a more consistent approach to engaging with the pharmacy sector, our strong belief is that a best-of-breed platform is the best way to enable the industry to achieve these objectives,” she said.
“There is compelling strategic rationale for the acquisition as it ensures Australian pharmacists have access to the world’s best technology platform that integrates patient bookings [with other features] while also having the additional benefit of being supported by the Guild to ensure they are remunerated appropriately for delivering these services.”
The planned $14.6 million capital raise is a partially underwritten pro rata one for 4.2 accelerated non-renounceable entitlement offer (ANREO).
Under the ANREO, eligible shareholders are invited to subscribe for one new share in MedAdvisor for every 4.2 existing MedAdvisor shares at an issue price of 14 cents.
Eligible retail shareholders will be able to participate from August 1 which the company may raise up to $4.6 million if shareholders take up their entitlements in full.
The trading halt will be lifted on July 27 or when the company announces the outcome of the institutional component of the offer.
Shares in MedAdvisor last traded at 14 cents prior to the trading halt.
