Health Management International (HMI)

[cyclone]

EQT and HMI Jointly Propose to Privatise HMI Group by way of a Scheme of Arrangement
* Cash Consideration of S$0.730 per share, representing significant premiums of 29.7%, 27.4% and 24.8%, over the 6-month, 3-month and 1-month VWAPs respectively
* Since the listing of the Company in 1999, the closing share price of HMI Shares has only exceeded the Scheme Consideration on one trading day
* Opportunity for HMI Shareholders who may find it difficult to exit their investment in the Company due to low trading liquidity of HMI Shares.

Health Management International Ltd (the "Company" or “HMI”) and PanAsia Health Limited (the "Offeror") have today jointly announced the proposed acquisition of all the issued ordinary shares in the capital of the Company by the Offeror, a special purpose vehicle incorporated in the Cayman Islands and indirectly controlled by EQT Mid Market Asia III GP B.V. (“EQT GP”), by way of a scheme of arrangement.

Under the Scheme, each of the HMI shareholders (the “HMI Shareholders”) will be entitled to receive for each HMI Share, at their election, either
(i) S$0.730 in cash (the "Cash Consideration"), or
(ii) in lieu of the Cash Consideration, 1 new ordinary share in the capital of the Offeror (the “Offeror Share”) at an issue price of S$0.730 per Offeror Share (the "Issue Price" and such consideration, the “Securities Consideration”), provided always that no more than 686,218,454 HMI Shares may be elected for the Securities Consideration under the Scheme. The Issue Price under the Securities Consideration is the same as the Cash Consideration. The Scheme Consideration values HMI at approximately S$611 million.

More details in :
1. https://links.sgx.com/FileOpen/Announcem...eID=569282
2. https://links.sgx.com/FileOpen/Media_rel...eID=569283
3. https://links.sgx.com/FileOpen/Announcem...eID=569284

[karlmarx]

Looks like this is a good time to be owning small caps.

At the rate this is going, only the low-quality small caps will remain on the exchange.

I wonder...who's next?

[cyclone]

Poll Results of the Scheme Meeting

The Board wishes to announce that at the Scheme Meeting convened pursuant to an order of the Court dated 22 August 2019 and held today at Devan Nair Institute for Employment and Employability, Hall 3, Level 1, 80 Jurong East Street 21, Singapore 609607 at 3.00 p.m., the HMI Shareholders have, by a majority in number of HMI Shareholders present and voting, either in person or by proxy, at the Scheme Meeting, such majority representing at least three fourths in value of the HMI Shares voted at the Scheme Meeting, APPROVED the Scheme. 

As set out in the Scheme Document, HMI Shareholders should note the following indicative timetable in relation to the Scheme:

Expected date of Court hearing of the application to sanction the Scheme : 11 November 2019 (1)

Expected last day of trading of the HMI Shares : 15 November 2019

Expected Books Closure Date : 19 November 2019, 5.00 p.m. (2)

Expected date of despatch of the Election Forms by the Offeror (or on its behalf) to Entitled HMI Shareholders : 22 November 2019

Expected latest date and time for submission of Election Forms : 6 December 2019, 5.00 p.m. (3)

Expected Effective Date : 20 December 2019 (4)

Expected date of payment of the Scheme Consideration : By 30 December 2019

Expected date for delisting of the HMI Shares : By 14 January 2020

Notes:
(1) The date of the Court hearing of the application to sanction the Scheme will depend on the date that is allocated by the Court.
(2) The expected Books Closure Date is subject to the release of the Company's financial results for the first quarter ended 30 September 2019.
(3) Entitled HMI Shareholders will be given a period of ten (10) Business Days to submit their Election Forms.
(4) The Scheme will only become effective and binding upon if all the Scheme Conditions have been satisfied, or, as the case may be, waived in accordance with the Implementation Agreement and a copy of the Court Order has been lodged with ACRA.

More details in https://links.sgx.com/FileOpen/2019-10-1...eID=582317

[weijian]

Wash, rinse and repeat by the Big Boys

EQT-backed HMI weighs stake sale at S$1b valuation: sources

HMI Group, a Singapore-based regional health care provider, is exploring selling a minority stake that could value the company at about S$1 billion, according to people with knowledge of the matter.

The company, which is backed by Swedish buyout firm EQT, is working with a financial adviser on the potential offering of as much as a 30 per cent stake, the people said. HMI Group plans to issue new shares and use the proceeds for expansion and acquisitions, said the people, who asked not to be identified as the process is private.

HMI Group, previously known as Health Management International, went public in Singapore in 1999. In 2019, EQT took it private in a S$611 million deal

https://www.businesstimes.com.sg/compani...on-sources