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- Healthia (HLA) raises $44.5 million through a placement and the institutional component of its fully underwritten entitlement offer
- The company recently flagged a $60 million capital raise to partially fund the acquisition of the Back in Motion Health Group and its 64 physiotherapy clinics
- This purchase is set to position HLA as a leading provider of physiotherapy services in Australia and expand its presence to WA and New Zealand
- Healthia will raise the remaining $15.5 million through the retail component of its entitlement offer which will be open from September 27 until October 6
- Company shares are down 1.88 per cent to trade at $2.09
Healthia (HLA) has completed a placement and the institutional component of its fully underwritten one-for-4.3 pro rata non-renounceable entitlement offer.
As announced at the start of the week, Healthia is launching a $60 million capital raise to fund the acquisition of the Back in Motion Health Group and its 64 physiotherapy clinics throughout Australia and New Zealand for a cash and share consideration of $88.4 million.
Healthia considers the buy to be a strategic way of positioning it as a leading provider of physiotherapy services in Australia and expanding its presence to the WA and New Zealand markets.
The placement and institutional entitlement offer raised a combined total of about $44.5 million at a price of $1.80 per share.
The offer price represents an 18.2 per cent discount to the last closing price of $2.20 on September 17 and a 9.3 per cent discount to the five-day volume-weighted average price of $1.98.
Broken down, Healthia agreed to issue roughly 12.4 million shares to raise $22.3 million without the need for shareholder approval. The institutional offer raised $22.2 million through the issue of about 12.34 million shares and saw a significant take-up of entitlements by institutional shareholders.
The company expects to raise the remaining $15.5 million through the retail component of its entitlement offer which will be open from September 27 until October 6.
Company shares were down 1.88 per cent to trade at $2.09 at 1:50 pm AEST.
