CEO Gary Cohen
Sydney, Mar 13, 2009 AEST (ABN Newswire) - IBA Health Group Limited (ASX:IBA)(PINK:IBATF) - Australia's largest listed health information technology company is pleased to announce the successful completion of the institutional component of its accelerated non-renounceable pro-rata entitlement offer ("Entitlement Offer"), raising approximately A$82 million.
The Institutional Entitlement Offer received strong support from IBA's existing institutional shareholders. In addition, strong demand was also shown by institutional shareholders and new investors in the bookbuild of entitlements not taken up.
Executive Chairman and CEO, Gary Cohen, said: "We are pleased with the strong level of support that our existing institutional shareholders have shown, including from our cornerstone shareholder AEP. This is a terrific outcome in current sharemarket conditions and places IBA in a strong capital position to continue to benefit from investment in health IT by governments worldwide."
The Entitlement Offer gives eligible existing shareholders the opportunity to subscribe for 2 new IBA ordinary shares ("New Shares") for every 7 existing IBA shares held at the record date, being 7.00pm Tuesday, 17 March 2009. The price for the New Shares under the Entitlement Offer is A$0.55 per New Share.
IBA intends to use the proceeds of the Entitlement Offer to retire subordinated borrowings from AEP and other senior borrowings.
New Shares from the Institutional Entitlement Offer are expected to be issued on Friday, 27 March 2009 and will commence trading on the ASX on the same day.
COMMENCEMENT OF THE RETAIL ENTITLEMENT OFFER
Eligible retail shareholders will have the opportunity to participate in the Entitlement Offer at the same offer price and ratio as institutional shareholders. The retail component of the Entitlement Offer ("Retail Entitlement Offer") will open on Friday, 20 March 2009 and is due to close on Monday, 6 April 2009.
Eligible retail shareholders wishing to acquire New Shares in the offer will need to complete the Entitlement and Acceptance Form, which is expected to be mailed to them by Thursday, 19 March 2009.
A broker handling fee of 1% will be payable on the Retail Entitlement Offer up to a maximum of A$200 per application.
SHAREHOLDER ENQUIRIES
Retail shareholders who have questions regarding the Retail Entitlement Offer should call the IBA Health Shareholder Information Line on 1300-723-862 (local call cost within Australia) or +61-3-9415-4262 (from outside Australia) at any time from 8.30am to 5.30pm (AEDT) Monday to Friday.
RETAIL ENTITLEMENT OFFER TIMETABLE
----------------------------------------------Event Date----------------------------------------------Record Date for the 7:00pm (AEDT) Entitlement Offer on 17 March 2009----------------------------------------------Mailing of Retail Booklet Completed by (incl. Entitlement and 19 March 2009Acceptance Form) to EligibleRetail Shareholders----------------------------------------------Retail Entitlement 20 March 2009*Offer opens----------------------------------------------Retail Entitlement 5:00pm on Offer closes 6 April 2009*----------------------------------------------Settlement of the Retail 14 April 2009Entitlement Offer----------------------------------------------Issue of New Shares under 15 April 2009the Retail Entitlement Offer----------------------------------------------Dispatch of holding 16 April 2009statements----------------------------------------------Normal trading of New Shares 16 April 2009**issued under the RetailEntitlement Offer expectedto commence on ASX----------------------------------------------
*This date has been adjusted 1 business day later from IBA's announcement on 12 March 2009.
** This date has been adjusted 1 business day earlier from IBA's announcement on 12 March 2009.
Note: Dates and times are indicative only and subject to change. All times and dates refer to Australia Eastern Daylight Time ("AEDT") while in effect and otherwise to Australian Eastern Standard Time.
Contact
Gary Cohen
Executive Chairman & CEO
IBA Health Group Limited
Tel: +61-2-8251-6700
Email: gary.cohen@ibahealth.com
Stuart Kelly
Director Corporate Affairs
IBA Health Group Limited
Tel: +61-2-8251-6769
Mobile: +61-404-082-361
Email: stuart.kelly@ibahealth.com
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