Australia's Paragon Care jumps on acquisition of Specialist Medical Supplies

Paragon Care

25/08/2022 06:46

** Shares of Paragon Care  PGC.AX  jump as much as 12% to
A$0.420, their highest since Apr 6 
    ** The medical equipment provider says an agreement has been
reached to acquire business of Specialist Medical Supplies Pty
Ltd for A$15.5 mln ($10.78 mln) urn:newsml:reuters.com:*:nFWN3001M6
    ** Adds transaction will be funded by 20% scrip and 80% cash
and is expected to be completed by the end of August 2022
    ** Also reports a 5% rise in its FY22 revenue to A$247.9
mln; underlying earnings before interest, tax, depreciation and
amortisation of A$30.2 mln, rise of 21% from prior corresponding
period  urn:newsml:reuters.com:*:nFWN30030J 
    ** Shares track best day since July 26 - if gains hold 
    ** Stock has risen ~4.2% this year, as of last close

($1 = 1.4384 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))