Paragon Care Limited’s (ASX: PGC) shares mounted on ASX post completion of first tranche placement to China Pioneer

Paragon Care Limited’s (ASX:PGC) shares climbed up 2.083 percent on September 17, 2018 after the completion of first tranche placement to China Pioneer Pharma holdings limited wherein PGC has issued 16,483,517 fully paid ordinary shares to Pioneer Pharma Australia Pty Limited, as a wholly owned subsidiary of Stock exchange of Hong Kong-listed China Pioneer Pharma Holdings Limited at a price of AU$0.91 per share. Following the completion of tranche 1 of the placement, China Pioneer will hold 5.45% of the 302,187,703 issued shares of Paragon. Further, the balance of 33,934,869 will be settled and allotted on or before 20 November 2018 under Tranche 2 placement program. Moreover, the company announced the resignation of Mr. Leonard Kocovic as Joint Company secretary while Ms. Melanie Leydin will continue in her capacity as Company Secretary to the Board. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

For the year-end 30 June 2018, the company has reported revenue of $136.7 Mn and EBITDA of $19.7 Mn. The company is having a net debt of $64.4 million compared to $18.5 million a year ago. Paragon care’s net cash flow from operating activities is $7.6 million compared to 12.0 million a year ago. The company has successfully completed 9 acquisitions which have resulted in stronger and diversified business. Besides this, the company focuses on to build a people and infrastructure platform to support a $1bn revenue business. For that matter, during FY18, the company invested in Sales team growth, IT infrastructure and driving cost selling opportunities. Moreover, the company is executing its tightened strategy with a new CEO in place and multiple board changes.

The company is focused on potential mergers and acquisition opportunities to accelerate growth in customer base and geographies which are in line with the Company’s strategy. In FY 2018, the company announced a financial dividend of 2.0c (fully franked) which reflects an increase over the full year of 5.0%. This year EPS of 5.4cps is reflecting the acquisitions and recent capital raising timing in the second half of the financial year.

PGC’s shares traded at $0.735 at the market capitalization of circa $205.71 Mn as of 17 September 2018 (AEST 2:46 PM).

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