Company Announcements

Investment in CareTech Holdings plc & Orthofix

Source: RNS
RNS Number : 7060W
CIP Merchant Capital Ltd
23 April 2019
 

23 April 2019

 

CIP MERCHANT CAPITAL LIMITED

("CIP Merchant Capital" or the "Company")

 

Fifth Investment - CareTech Holdings plc

and

Further investment in Orthofix

 

CareTech Holdings plc

CIP Merchant Capital is pleased to announce its investment in CareTech Holdings plc ("CareTech"), a leading provider of specialist social care services supporting adults and children with a wide range of complex needs in more than 250 specialist service centres around the UK.  The Company has acquired, in aggregate, 950,000 ordinary shares in CareTech for a total consideration of approximately £3.2 million.

 

In the year ended 30 September 2018, CareTech had net income attributable to its shareholders of £26.5 million and as at 30 September 2018 had net assets of £208 million.

 

CareTech now constitutes the Company's fifth portfolio company.

 

Orthofix Medical Inc.

The Company has also acquired a further 6,000 common stock in Orthofix Medical Inc. ("Orthofix"), the NASDQ listed medical devices company, for a total consideration of approximately US$315,000.  These shares were purchased in addition to the 9,000 common stock purchased on 11 and 12 March 2019, as noted in the Company's announcement of 1 April 2019, for a total consideration of US$499,000.

 

Following these further acquisitions of common stock, CIP Merchant Capital is now interested in 112,000 common stock of Orthofix.

 

In the year ended 31 December 2018 Orthofix had net income of US$13.8 million and as at 31 December 2018 had net assets of US$335.4 million.

 

For further information, please contact:

 

Merchant Capital Manager Limited (Investment Manager)

Marco Fumagalli

Carlo Sgarbi

 

+41 91 225 25 60

Strand Hanson Limited (Financial & Nominated Adviser and Broker)

Richard Tulloch / James Bellman

+44 20 7409 3494

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.


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