Care UK moves to sole ownership of PHG

Posted on December 1st, by editor in Caring Times. No Comments

Major provider Care UK has acquired the 50 per cent interest in PHG not already owned by the company from its joint venture partner, Life, for about £14.1m, to be funded through a vendor placing.

In addition to the vendor placing, Care UK intends to raise a further £2m through a cash placing to institutional and other investors. The net proceeds from the issue of the cash placing shares will be used for general corporate purposes acknowledging that further consideration of £2 million may become payable.

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