Pharmacy chain in 7m share issue
Life Pharmacy shareholders have voted to issue 7 million new shares to Gullivers Travel Group founder Andrew Bagnall, opening the way for him to gain control of the company.
At Life’s annual meeting yesterday, shareholders voted to issue the new shares at 75 cents each to Segoura, owned by Mr Bagnall.
The $5.25 million investment gives Mr Bagnall a 19.4 per cent stake in the company, making him the biggest shareholder.
He is entitled to appoint two directors and has an option to buy up to 50.01 per cent of Life in the next two years at 75 cents a share in the first year and 82.5 cents in the second.
Mr Bagnall was expected to take up the option to subscribe to 50.01 per cent, Life chairwoman Liz Coutts said. Mr Bagnall was unavailable for comment.
Life Pharmacy Ltd owns the Life Pharmacy brand and has 49 per cent shareholdings in 17 pharmacies, repreenting 16 of the 21 Life-branded stores.
Apart from Mr Bagnall’s investment, which Ms Coutts described as a “significant war chest”, securing his expertise in franchising is seen as a coup by the company.
Related posts:
- More Muscle From Pharmacy Merger New Zealand Herald: Planned deal with Pharmacybrands will help...
- Solar Energy Initiatives, Inc. Announces Spin-Off Of Solar Park Company Trading Markets: Solar Energy Initiatives, Inc. executing on its...
- TWC Offers Ownership To Franchisees Pharmacy News: Terry White has announced plans to offer...
Related posts brought to you by Yet Another Related Posts Plugin.
