Totally plc, Derby-headquartered provider of out of hospital services to the healthcare sector in the UK, has confirmed that the Company is in the advanced stages of the proposed acquisition of Greenbrook Healthcare, a provider of urgent care centres across London.
In a statement to London stock exchange the firm said: “Whilst the Company has entered into an exclusive agreement regarding the Proposed Acquisition, any transaction remains subject to, inter alia, completing due diligence and negotiations to the Company’s satisfaction and, as such, there can be no certainty that a final binding agreement will be reached.
“The Proposed Acquisition would be consistent with the Company’s stated ‘buy and build’ consolidation strategy within the UK’s fragmented healthcare market and particularly complementary to Totally’s wholly owned subsidiary, Vocare Limited, which was acquired in October 2017 and which is one of the leading national specialist providers of urgent care services in the country. The Company is proposing to fund the Proposed Acquisition via an equity fundraise.
“The Proposed Acquisition would constitute a reverse takeover under rule 14 of the AIM Rules for Companies (the “AIM Rules”). The Proposed Acquisition will be subject, inter alia, to shareholder approval, the entering into and completion of a share purchase agreement and raising the funds necessary to finance the Proposed Acquisition. As such, there is no certainty that the Proposed Acquisition will proceed nor any certainty regarding the terms on which it would proceed.”
The company’s shares were suspended from trading with effect from 4:10 p.m on 17 May with the announcement of the news.