Brief: Invocare Enters Into Scheme Implementation Deed With TPG

InvoCare

09/08/2023 01:58

Aug 9 (Reuters) - InvoCare Ltd  IVC.AX :
    * INVOCARE ENTERS INTO SCHEME IMPLEMENTATION DEED WITH TPG
    * INVOCARE SHAREHOLDERS TO RECEIVE A$12.70 PER SHARE IN CASH
    * CASH CONSIDERATION REPRESENTS A 42% PREMIUM TO INVOCARE'S
CLOSING SHARE PRICE ON 6 MARCH 2023
    * INVOCARE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS
VOTE IN
FAVOUR OF SCHEME
    * CASH CONSIDERATION REPRESENTS AN IMPLIED EQUITY VALUE OF
A$1.8
BILLION
    * CASH CONSIDERATION REPRESENTS ENTERPRISE VALUE OF A$2.2
BILLION
    * TPG  ADVISED INVOCARE THAT IT EXPECTS TO FUND CASH
CONSIDERATION
THROUGH EQUITY COMMITTED BY CERTAIN FUNDS MANAGED OR ADVISED BY
TPG
    * NEAR-TERM MACRO-ENVIRONMENT REMAINS CHALLENGING AND MARKET
VOLUMES HAVE SOFTENED IN Q2 FY23
    * HAS CONTINUED TO SEE LESS WEEK-TO-WEEK VOLATILITY IN
DEMAND FOR
ITS SERVICES DURING 1H FY23
    * INVOCARE LTD SEES  OPERATING EBITDA TO BE A$61
MILLION-A$63
MILLION FOR HY
    * SHAREHOLDERS TO RECEIVE A$12.70 PER SHARE IN CASH,
INCLUSIVE OF
A FULLY FRANKED SPECIAL DIVIDEND OF UP TO A$0.60 PER INVOCARE
SHARE

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