Zenitas’ stock rockets as consortium agrees to acquire 100% of Zenitas

Zenitas’ stock rockets as consortium agrees to acquire 100% of Zenitas

Zenitas Healthcare (ASX: ZNT ) shares sky-rocketed 22.51% to $1.415 (31 August 2018; 1:50 PM AEST) on the release of scheme implementation deed announcing 100% of the Zenitas acquisition by Adamantem Capital and Liverpool Partners consortium for $1.46 per share in cash.

The company also released its annual results for the full year to 30 June 2018, posting $54.2 million increase in revenue to $76.6 million, driven by contribution received from recent acquisitions.

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The healthcare company has completed 13 acquisitions of community-based healthcare businesses, underpinned by $30 million capital raised in November 2017. Peninsula Sports Medicine Group, Agewell, Beleura and Australian Home Care and Orion services have been the major acquisitions made this year.

Underlying NPAT has gone up by 78% to $5.7 million on the back of benefits derived from expansion of business with 20 more clinics and over 55,000+ new client base. Group’s underlying EBITDA increased to $13.9 million, up $6.9 million, excluding one-off acquisition cost of $1.86 million. Reported EPS slipped to 6.1 cps from 7.2cps in FY17.

Final fully franked dividend of 1.5 cents per share declared, payable on 17 October 2018.

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