Promisia Healthcare Acquires Cromwell Facilities

Promisia Healthcare Limited (NZX: PHL) is making progress in acquiring Golden View Lifestyle Village and Ripponburn Lifestyle Village in Cromwell. This acquisition adds 106 care beds, including a specialist dementia unit, and 137 independent living villas and apartments to Promisia’s network. The acquisition will boost Promisia’s earnings immediately, with the new facilities generating annual revenue of NZ$10.5 million, representing about 40% of Promisia's FY24 operating revenue.

The transaction, conditional on finance, shareholder, and regulatory approvals, is set to be finalized by August 14, 2024. Promisia has secured a NZ$7.5 million debt finance offer from the Bank of New Zealand, contingent on raising NZ$3 million in new capital and selling its Eileen Mary facility for NZ$3 million. A shareholder meeting to vote on the transaction will be held on July 31, 2024, with a capital raise planned for July 2024.

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