AFR – Advent Health opens reverse takeover offer

Allied health business Advent Health is set to walk onto the ASX-boards via the back door.

Street Talk understands the multidisciplinary health outfit will launch a $21 million reverse takeover offer on Monday, which will result in already listed Millennium Limited becoming Advent Health.

The new company would have a market capitalisation of about $45 million, according to a presentation sent to fund managers last week by lead manager on the offer Novus Capital.

Funds were told that Advent would issue 21 million new shares at $1 each as part of the deal. The fresh capital will fund the acquisition of 12 multidisciplinary practice groups with 59 clinics around the country.

The company’s portfolio is expected to focus on Australia’s east coast, particularly in New South Wales and Queensland.

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