15th Mar 2016 08:37
LONDON (Alliance News) - Healthcare services company Totally PLC on Tuesday said it has agreed to acquire Premier Physical Healthcare Ltd for up to GBP6.8 million and has raised funds to back the deal.
Premier Physical Healthcare is a UK-based provider of physiotherapy, podiatry and ergonomics services.
Totally will pay up to GBP6.8 million for Premier Physical, with GBP371,974 to be paid upfront and the rest to be paid through four potential deferred payments through to 2019, dependent on performance targets being met.
To back the deal, Totally will issue 10.0 million shares at 62.00 pence per share, raising a total of GBP6.2 million. Totally shares were down 14% to 66.1p early Tuesday.
"I firmly believe that the proposed acquisition is in the best interests of shareholders. The musculoskeletal services of physiotherapy, podiatry and ergonomics offered by Premier are entirely complementary to the Chronic Obstructive Pulmonary Disease, heart disease and diabetes treatments which have been the bedrock of Totally," said Totally Chief Executive Wendy Lawrence.
"The board also believes that there is significant potential to grow revenues in the area of musculoskeletal treatments as well as the opportunity to develop relationships with new Clinical Commissioning Groups which are key to our new business pipeline," she added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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