The following amendment has been
made to the 'Divestment of Horizon Strategic Partners Limited'
announcement released on 1 July 2024 at 7.00 a.m. under RNS No
4750U.
The maturity date of the convertible
loan made by Induction to Eolas was incorrectly shown as 31 May
2017, rather than 31 May 2027. All other details remain
unchanged.
The full amended text is shown
below.
INDUCTION HEALTHCARE GROUP
PLC
DIVESTMENT OF HORIZON
STRATEGIC PARTNERS LIMITED
London, UK - 1 July 2024:
Induction Healthcare Group PLC ("Induction", the
"Company", or the "Group"; AIM: INHC), a leading
digital health platform driving transformation of healthcare
systems, today announces that it has sold its wholly-owned
subsidiary, Horizon Strategic Partners Limited ("HSP"), to Eolas
Medical Ltd ("Eolas") for a consideration of £1.2 million (the
"Disposal").
HSP is a supplier of a
clinical management platform to facilitate the curation,
review and dissemination of antimicrobial resistance
guidelines. In divesting this subsidiary, a
non-core asset, the software platforms Guidance (often known as
MicroGuide) and OPAT PMS, will be owned and operated by Eolas. This
sale successfully completes the programme of divestment of
Induction's non-core assets announced last year. The
sale proceeds shall be used for the Group's working
capital.
Paul Tambeau, CEO of Induction Healthcare
said: "We've made considerable progress with our
integrated product strategy that focuses on transforming the
interaction between care teams and patients. Part of this strategy
involved divesting or deprecating non-strategic assets. This sale
of Horizon, following the disposal of Switch last year, is an
important step in our journey of focusing the business and
delivering greater financial performance."
Terms of the Disposal
Of the total consideration of £1,200,000,
£400,000 will be paid in cash and £800,000 will be deemed to be
paid to Induction and immediately advanced to Eolas as a loan (the
"Loan") pursuant to a convertible loan agreement between Induction
(as lender) and Eolas (as borrower), with a maturity date of 31 May
2027. In certain circumstances, Induction can, inter alia, either
require full repayment of the Loan or convert the Loan into
ordinary equity in Eolas.
For the 6 months ended 30 September 2023, HSP
generated revenues of £0.3 million (FY23: £0.3 million) and
breakeven before tax (FY23: Breakeven). As at 30 September 2023,
the net assets attributable to HSP were £1.2 million.
Enquiries
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Induction
Christopher Samler, Chair
Paul Tambeau, Chief Executive
Officer
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+44 (0)7712 194092
+44 (0)7983 104443
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Singer Capital Markets (Nominated Adviser and
Broker)
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+44 (0)20 7496 3000
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Philip Davies
Alaina Wong
Jalini Kalaravy
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About Induction
- www.inductionhealthcare.com
Induction (AIM: INHC) Induction
delivers a suite of software solutions that transforms care
delivery and the patient journey through hospital. Our system-wide
applications help healthcare providers and administrators to
deliver care at any stage remotely as well as face-to-face - giving
the communities they serve greater flexibility, control and ease of
access. Purpose-built for integration with leading Electronic
Medical Record (EMR) platforms, our products offer immediate
stand-alone value that becomes even greater when integrated with
pre-existing systems.
Used at scale by national and
regional healthcare systems, as well non-health government
services, our applications are relied upon by hundreds of thousands
of clinicians and millions of patients across almost every hospital
in the British Isles.
