Ann: Zenitas enters into Scheme Implementation Deed, page-59

I would only be guessing if I was to think who would stump up more but ‘retail health’ is very attractive to private equity at the moment.  If you google ‘health’ and ‘private equity’, a list of potential acquirers comes up.

Regarding the Scheme, the following is required for the Scheme to be approved:

- the scheme must be approved by a majority in number of the target shareholders in the relevant class who have cast votes on the resolution (but note that the court has the power to waive this requirement); and
- the scheme must also be approved by 75% or more of the votes cast on the resolution by target shareholders in the relevant class.
If the bidder or its associates hold any target shares, they must usually either refrain from voting or vote in a separate class.  The practice is for the bidder and its associates to refrain from voting.

Whilst I will be waiting for the Independent Experts Report to make a final decision, at this stage I intend to vote against this Scheme as I think there is still plenty of upside from continuing their current strategy.