| Norfolk Investments Ltd Acquisition |
| Thursday, 18 August 2011 00:00 |
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Wakefield Health Limited (NZSX:WFD) is pleased to announce that it has today declared its offer for Norfolk Investments Limited unconditional. Payment will be made to accepting Norfolk shareholders within seven days. “Wakefield Health has currently received acceptances representing 86.0% of Norfolk’s total shares on issue” said Wakefield Health Chairman Alan Isaac, “however, as the offer remains open until 1 September 2011, it is possible that this number will increase further”. Norfolk owns 60% of Tauranga’s Grace Hospital in a joint venture partnership with Southern Cross Hospitals. “Grace Hospital has demonstrated consistent growth since opening in 2007 and it is extremely well positioned in a market with strong future growth prospects given the projected increase in the Bay of Plenty’s population and the demographics of that population” said Mr Isaac. “Accordingly, it is anticipated that the investment will make an increasingly significant contribution to Wakefield Health’s earnings” he continued. Mr Isaac noted that the acquisition represents a significant milestone in the evolution of Wakefield Health, providing further diversification of its earnings streams. “We look forward to working with our joint venture partner and the medical specialists who practise at Grace Hospital to build on the Grace Hospital success story and to continue to provide the people of the Bay of Plenty with access to private surgical services of the highest standards” he said. For further information, please contact: |