Friday, December 12, 2014
EpiCentre
EpiCentre: Share price rocketed 25% to $0.15, on news that EpiCentre has entered into a binding term sheet with Healthtrends Medical Investments (HMI) for the proposed reverse takeover (RTO) of HMI’s interest in its operating units in Singapore, Malaysia, Hong Kong and Vietnam.
The operating units are namely Eastlife, Maxglobe, The Sloane Clinic (Plastic Surgery), The Sloane Group, HealthTrends Specialists, Dermagenesis, Astique CliniCentral, Green Jade, and Truong Giang Investment and Trading Joint Stock Company.
The RTO if successful will see EpiCentre engage in the businesses of medical aesthetics and cosmetic surgery; primary care and medical wellness; and distribution of medical products and solutions.
The aggregate consideration for the proposed acquisition is $100m, and will be satisfied by the issue and allotment of 298.6m new shares at an issue price of $0.335 per share, representing 76.2% of the enlarged share capital.
Under the term sheet agreement, both parties have till 28th Feb ’15 to negotiate and agree on the terms.
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Epicentre made losses for the past 4 years, lost all their earning from listing dates, CEO and Exec Director (his wife) made millions in annual salaries, the company in more than $9m debts, the only SG APR that made losses retailing Apple products, minority shareholders must be wondering what the CEO and majority shareholder have up in his sleeves with this RTO…make monies from the vendor like what he did with other minority shareholders ?
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