This page contains IPO information based on the Replacement Prospectus updated on 18 May 2020**. Link for the Prospectus:
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02/04/2020 Interim Stop Order Issued
22/04/2020 Interim Stop Order Issued
18/05/2020 Revocation of Stop Order
18/05/2020 Replacement Prospectus
Investors interested in applying for this IPO should call 61Financial customer service hotline 0432 555 561 or email firstname.lastname@example.org for details of this IPO subscription.
(Disclaimer: The above key dates are for references only. They are subject to change by the company at any time. You shall not rely on this information for any investment decisions. For any changes, you shall refer to the company’s official website or the latest version of the Prospectus. While reasonable efforts are made to update the information, we make no warranty about the accuracy, completeness, reliability or timeliness of the information.)
The Company is offering 21,000,000 Shares to the public at an issue price of $1.00 each to raise $21,000,000 before costs (Public Offer). The Offer is not underwritten.
Advent Health’s business model is to identify, acquire, integrate, operate and expand a network of multi-disciplinary allied health practices in Australia.
The benefits of Advent Health business model to the Initial Portfolio Businesses is:
Advent Health has entered into agreements to acquire full ownership of the Initial Portfolio Businesses. Practice Owners remain engaged with Advent Health to continue to drive and grow their practices. On average at least 30% of the acquisition cost has been paid as equity in Advent Health to ensure Practice Owners are engaged.
The Initial Portfolio of practices will be acquired at a weighted average multiple of approximately 5.1x historical EBITDA.
The Practice Owners of the Initial Portfolio will receive a combination of cash and Shares in Advent Health in consideration for the sale of their business. The total consideration for the Initial Portfolio is $40.5 million comprising cash of $28.09 million and Shares of $12.15 million at the Offer Price. One Practice Owner has a component of Deferred Consideration of $0.3 million payable at the end of two years.
Practice Owners shares will be escrowed for 24 months and will have conditions on the practice performance during that period.
The Initial Portfolio will provide Advent Health with a multi-disciplinary group of allied health practices across Australia comprising 59 locations and around 300 clinicians, and a foundation for future growth.
Advent Health will primarily receive revenue through the provision of allied health services to patients at its practices. The key drivers of revenue include:
Key expense are as follow:
Organic revenue growth
Acquisition and location expansion
Growth in Margins
Formation of strategic partnerships
On completion of the Offer:
Louis (Lou) Panaccio MAICD
Independent Non-Executive Chairman
Lou is a chartered accountant with over 30 years of management experience in business and health care services. He is currently on the boards of ASX listed companies Sonic Healthcare Limited, Avita Medical Limited and Rhythm Biosciences Ltd. Lou is also on the board of Unison Housing Limited. Lou has extensive experience as a board member of both public and private, for profit and not for profit companies. Lou is Chairman of two ASX listed health care businesses. Previously, Lou was the CEO of the Melbourne Pathology Group and Monash IVF Group, and also executive Chairman of Health Networks Australia (HNA). NHA was an allied health group with 34 Practices which sold into Zenitas Limited for its ASX listing in 2016.
Director and Chief Executive Officer
Cris has had a diverse career over 20 years across the disciplines of sales and marketing, business development, policy development and management. He has held positions at the Bob Jane Corporation, St Kilda Football Club, CPA Australia and the Australian Physiotherapy Association. Cris also serves on the Board of Early Childhood Intervention Australia (Vic/Tas), has been a trustee of two research foundations and provides mentoring to women in senior management roles.
Bryce is an admitted legal practitioner in Queensland and has graduated as a Chartered Accountant. Bryce also holds a Graduate Diploma in Applied Finance and Investment and has qualifications in Project Management. Bryce has previously been an ASX Director, having to lead a turnaround team before successfully dealing with an on-market takeover. Bryce has 18+ years’ finance and business operations experience.
Independent Non-Executive Director
Wei is an experienced ASX company director. He is an Executive Director of Hudson Investment Group Limited and will, following Completion of the Proposed Transactions, be the former Chairman of Millennium Limited. Wei holds a Bachelor of Economics from Macquarie University and a Master of Commerce from the University of New South Wales. He is a member of CPA Australia. He has experiences in financial control, new business start-ups and development within the textile, retail, financial services, construction and mining sectors in Australia and internationally.
Melanie has over 25 years’ experience in accounting and corporate secretarial functions including extensive experience in relation to public responsibilities including the ASX and ASIC. Melanie is a Chartered Accountant and a Registered Company Auditor as well as Director and Founder of Leydin Freyer which specialises in company secretarial services to ASX listed companies
Chief Finanacial Officer
Robert has had over 25 years of CFO experience for a large privately-owned company, most notably as the CFO for Solomon Lew’s privately-owned group of companies. Here he was responsible for managing 7 businesses over 120 sites, 600 staff and a turnover of >$250m. During the last 15 years, he has been the CFO/General Manager of a large services and distribution business, which grew under his guidance from a turnover of $30m to $150m. During his tenure here he also managed the sale of the business to Private Equity.
Chief Performance Officer
Peter has held a number of senior financial, strategy and operational roles with companies such as Siemens USA, Meggitt plc, Leigh Mardon Group, Tenix Defence and Rising Sun Pictures. Peter is an Associate of the Chartered Institute of Management Accountants, a Graduate of the Australian Institute of Directors, a Fellow of the Governance Institute of Australia, Graduate of the Royal Military Academy Sandhurst and holds a Post Graduate Diploma in Management and a GIA Certificate in ASX Listing Rules.
ASX Codes, Offer Opening and Closing Dates are proposed only and are subject to change without notice.