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On 11th April 2019, patient engagement software company, Oneview Healthcare PLC (ASX:ONE) notified the market that it has successfully conducted a placement to raise A$25 million through the issue of 100 million new CHESS depository interests over new fully paid ordinary shares (on a 1:1 basis) (New CDIs). It is subject to the company attaining security holder approval (Conditional Placement) at an Extraordinary General Meeting (EGM).
After the conclusion of the placement, the company would be in a solid position to leverage initial market success into a sustainable business model. The proceeds from the Conditional Placement will be utilised to reinforce ONEâs balance sheet, speed up sales of its core InPatient product and hasten the market launch of the Senior Living product. The Conditional Placement was priced at A$0.25 per NEW CDI (Issue Price).
ONEâs CEO, Mr. James Fitter, stated that the company was happy after receiving the support from its existing security holders, and was elated to welcome fresh Australian institutional security holders to the register. Â He further added that the significant funding mentioned above would enable the company to keep building on to its 55 contracted hospitals, and also to deliver its innovative Senior Living product, which it intended to launch later in 2019.
ONE has two software solutions, InPatient and Senior Living, which derive recurring revenue on a per-bed basis. Oneview has a strong customer base, consisting of 55 hospitals, including three of the top 15 ranked hospitals in the United States. The company has demonstrated solid progress since it was listed on ASX on 17th March 2016, where it had nine live hospitals, another 10 hospitals were contracted but not installed by then. At present, the company has 10,710 total number of beds under contract, which is anticipated to produce approximately A$50 million in recurring revenue over the life of the existing contracts.
The companyâs platform has been installed in 35 hospitals, and it continues to grow with a further 20 hospitals contracted but not yet installed. The hospitals typically ink three to five- year contracts, and the companyâs customer retention has been 100% till date. ONE also has a substantial pipeline of qualified leads.
The closing balance sheet at 31 December 2018, recorded net assets of â¬9.93 million, which included cash on hand of â¬9.33m.
Security Purchase Plan
In combination with the Conditional Placement, the ONE has an intention to provide existing eligible security holders with a chance to take part in a security purchase plan to raise up to A$2m, which is subject to security holder approval at the EGM (SPP). The SPP will be provided to eligible security holders of the three nations of Australia, New Zealand and Ireland.
Further information in relation to the SPP, including the SPP terms and conditions, will be outlined in a separate SPP Booklet, which is expected to be dispatched to eligible security holders on Monday, 15th April 2019.
Extraordinary General Meeting
The company will send security holders a notice of meeting to seek security holdersâ approval to the Conditional Placement and Conditional SPP, which is scheduled to be held on Friday, 10 May 2019 at 7.00 a.m (Dublin time) and 4.00 p.m (Sydney time) at Block 2, Blackrock Business Park, Blackrock, County Dublin, Ireland.
Subject to obtaining security holder approval, it is expected that the New CDIs under the Conditional SPP and Placement will be issued on Tuesday, 14 May 2019 and Thursday, 16 May 2019, respectively and will rank pari passu with existing CDIs on the issue.
On the stock performance front, the stock of ONE is currently trading at $0.290, with a market capitalisation of $22.94 million (on 11th April 2019 AEST 03:18 PM). It has generated a negative YTD return of 40.35% and has an average trading volume of 12,395 approximately.
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