Abano's dissident shareholders to exit in discounted block trade
Abano Healthcare is set to see the backs of dissident shareholders Peter and Anya Hutson and James Reeves, who plan to dump their collective 19 percent stake in the medical specialist investor for about $36.7 million.
Healthcare Partners, the vehicle the Hutsons and Reeves used to mount a failed partial takeover bid for Abano, will sell almost 4.1 million shares at $8.85 apiece and 817,000 tradeable rights for 70 cents each, through a block trade managed by First NZ Capital, NZX filings show. The block trade will take place on Aug. 17 and is fully underwritten by the brokerage.
The sale price is a 6.3 percent discount to Abano's current trading price of $9.45, and less than the $10.16 per share partial takeover offer Healthcare Partners put forward to shareholders, which included a 16 cents per share dividend payment. The tradeable rights, which entitle a holder to buy shares at $8.15 apiece, were recently at $1.30.
In recent years the Hutsons and Reeves have found themselves at odds with Abano's board and management over the company's direction, resulting in multiple takeover tilts and an attempt to spill the board. The most recent dispute has seen them arguing over the costs arising from the latest failed takeover bid.