Quindell to acquire remaining 50.1% of PT Healthcare
Insurance technology firm Quindell has agreed to acquire the remaining 50.1 percent stake that it does not already own in PT Healthcare Solutions Corporation (PT Health) in consideration for the issue of 9,466,666 ordinary shares of 15 pence each in the company.
PT Health is a leading provider of physiotherapy and rehabilitation services in Canada.
Historically, PT Health generated business from general practitioner referrals and government funded walk-in patients. However, since becoming part of the group, its focus has shifted to the insurance referral model which yields higher margin recurring revenues from road traffic accident injured insurance customers, and to recurring revenues from preferred provider networks for large national employers under their extended healthcare benefits programmes.
Quindell first acquired a 26 percent interest in PT Health on 26 September, 2013, in consideration for the issue of 2,103,418 ordinary shares. In addition, the company announced that it had agreed a put and call option with the vendors of PT Health, enabling Quindell to acquire the remaining 74 percent of the company, subject to certain conditions.
Following a variation of the option, Quindell announced on 31 March, 2014, that it had acquired a further 23.9 percent stake in PT Health in consideration for the issue of 6,666,666 ordinary shares.
For the period from 1 April 2014 to 31 December 2014, PT Health reported revenue of CDN$38.7 million (£19.1 million), a net loss of CDN$20.7 million (£10.2 million), a loss adjusted for non-recurring items and before tax of CDN$2.8 million (£1.4 million) and net assets of CDN$41.8 million (£20.6 million).
