In a resounding show of support, shareholders of Advanced Health Limited have voted overwhelmingly in favor of the acquisition offer presented by Eenhede Konsultante Eiendoms Beperk. The decision was reached during the Scheme Meeting held on Friday, 25 August 2023, where shareholders expressed their overwhelming approval for the proposed acquisition, signifying a crucial step forward for the healthcare company and its future endeavors.
The acquisition proposal, which was initially outlined in the Scheme Circular dispatched to shareholders on Wednesday, 26 July 2022, outlined Eenhede Konsultante Eiendoms Beperk’s intention to acquire all issued shares of Advanced Health, except for those held by VC Family Trust, Carl Grillenberger Family Trust, and Pres Medical Witbank Proprietary Limited. The offering price of 80 cents per Advanced Health share was tabled for consideration, with the acquisition process planned to be facilitated through a scheme of arrangement in line with the framework of the Companies Act, 71 of 2008.
The Scheme Meeting gathered a significant representation of Advanced Health’s shareholders, with a total of 109,291,960 shares either physically present or represented, accounting for an impressive 75.89% of the total shares eligible for voting. Shareholders displayed an overwhelmingly positive sentiment towards the acquisition, with an astounding 99.86% voting in favor of the special resolution endorsing the Scheme Resolution in alignment with section 115(2)(a) of the Companies Act.
Similarly, the resolution to revoke the Scheme Resolution, as outlined under section 164(9) of the Companies Act, garnered strong support from shareholders, with an identical 99.86% voting in favor of the revocation.
The voting results underscore the robust confidence that shareholders hold in the acquisition offer and its potential to usher in a new era of growth and advancement for Advanced Health Limited.
Voting Results at a Glance:
| Resolution | Shares Voted | Percentage of Shares Voted | For | Against | Abstentions |
|---|---|---|---|---|---|
| Approval of Scheme Resolution | 109,188,860 | 75.89% | 109,041,361 | 147,499 | – |
| Revocation of Scheme Resolution | 109,188,860 | 75.89% | 109,041,361 | 147,499 | – |
Note: All percentages are calculated based on the total number of shares that could have been voted at the Scheme Meeting.
The success of the voting process was greeted with satisfaction by the Independent Board of Advanced Health, which holds responsibility for the accuracy and integrity of the information contained within the announcement. The Board affirmed that the information shared is accurate and reliable, without any crucial omissions that might diminish the significance of the details presented.
As the acquisition process advances, the company’s stakeholders can anticipate further announcements related to the fulfillment or potential waiver of remaining conditions precedent to the Scheme. These developments are expected to shed more light on the progression of the acquisition and its impact on Advanced Health’s future operations and strategic direction.
The resounding approval from shareholders not only reflects their unwavering support for the acquisition but also signifies a pivotal juncture in Advanced Health Limited’s journey. The company’s strategic alignment with Eenhede Konsultante Eiendoms Beperk is poised to reshape the healthcare landscape in South Africa and beyond, bringing forth fresh avenues for growth, innovation, and improved healthcare services.
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