Orion Health bids adieu to NZX and ASX on 28 March
- 21 March, 2019 07:10
Ian McCrae (Orion Health)
Orion Health intends to de-list from the NZX and ASX after close of market trading on Thursday, 28 March.
The move follows a notice of compulsory acquisition of remaining shares by Grafton Health Holdings, which is taking over the company.
Orion Health listed on the NZX in November 2014 at $5.70, but traded into financial trouble as it poured money into the development of a cloud-based version of its integration engine and population health technology.
Grafton, which is acquiring the remaining shares at $1.224, is a vehicle controlled by Ian McCrae, chief executive and founder of Orion Health.
In anticipation of de-listing, trading in Orion Health's shares will be suspended on the NZX and ASX after close of trading on Monday, 25 March.
On Thursday, 21 February, Grafton gave notice to Orion Health that it had become the dominant owner of Orion Health for the purposes of the Takeovers Code.
Meanwhile on Monday, 18 March, Grafton gave notice to NZX, ASX and all outstanding shareholders that it was exercising its compulsory acquisition rights under Part 7 of the Takeovers Code.
Under these provisions Grafton is permitted to acquire all the outstanding shares in Orion Health that it does not yet hold.