Pulse Health's (ASX: PHG) focus is to be positioned in the private health sector as an integrated health services provider with operations encompassing private hospitals, day surgeries and community home care, and recruitment agencies. The Company currently owns four private hospitals and a number of community care facilities on the east coast of Australia
Growth will be driven by acquisitions, facilities and service expansion, and integration and operating synergies.
Pulse Health increases placement to satisfy demand
Pulse Health (ASX: PHG) has increased the recently announced placement to $3.5 million due to demand from institutional and sophisticated investors.
Shares were placed at 6 cents per share.
Major shareholder Wyllie Group Pty Ltd, has increased its strategic stake in Pulse, investing approximately $950,000 in the $3.5 million placement.
As announced on 28 October 2009, holders of convertible loan notes which were convertible at 10 cents were given the option to convert their CLN’s early at 6 cents.
Shareholders approved this change in conversion price at the AGM held on 26th November 2009.
In total $560,000 of convertible notes have been converted early into 9,333,333 shares. The remaining $265,000 of convertible notes will continue on the same terms as they were issued and are convertible on or before 30 June 2010 at 10 cents.
As approved by shareholders at today’s AGM, a related party of Andrew Gregory, a director of the company, has elected to convert their holding of $200,000 convertible notes into ordinary shares in Pulse.
