amazing isn't it, so desperate were we to buy into AHG, we mortgaged away the farm (iridium) for this brilliant opportunity. Now 6 months later cottman is gone and the rest of the ahg bus. looks to be worth jack, given the write down of goodwill of the investment to be $15-18 million (per 7/2/08 "update") - now that's what I call a "return".
congrats to all loyal holders. excuse me while i go vomit on my scrip.
dr evil - you were so right - What would a dumb HC poster like me know, to have the temerity to doubt this mob/deal.
these guys below were laughing at the time, bet they still are...... interesting stuff...... ----------------------------------------------------- Sale of Investment in Advanced Healthcare Group 1 July 2007 Hawkesbridge Private Equity (HPE) is pleased to announce the sale of its majority investment in Advance Healthcare Group Limited (AHG). Hawkesbridge's interests were sold to ASX listed Fulcrum Equity Limited which is controlled by Mr Michael Boyd.
At the request of its investors, Hawkesbridge became involved in AHG in November 2005, funding a $12m corporate restructure and turn around of the business.
Payment of the $16.5m purchase price will be received over a 6 month period with the first $6.5m payment received in mid June. Hawkesbridge will continue to retain 4% of the issued capital of the company for further upside.
Joshua Rowe a partner at HPE said "the time was right for us to exit and hand over the reins to Mr Boyd, who has an excpetional track record in building health related businesses. Under Michael's guidance the company will continue the turnaround and expansion of its hospital distribution business, Cottman Australia, and will focus on building and diversifying its corporate pharmacy business, Pharmeasy.
On a cash in, cash out basis, Hawkesbridge will generate an IRR of 20% on its investment, with a cash multiple of 1.3 times.
FUL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
