Health group seeks to raise £8m to fund surgical hub
One Health Group plc, a Sheffield-headquartered provider of NHS-funded medical procedures, says it will conduct a conditional placing to raise a minimum of £7m and an open offer and retail offer to raise up to £1m.
In addition to the capital raising, the business is proposing admission to trading on AIM and cancellation of its trading on the AQSE Growth Market.
This cancellation and admission are both conditional on completion of the placing and the open offer and the passing of the Resolutions at the group’s General Meeting.
A spokesman for One Health Group explained: “The Board considers admission to be in the best interests of the company and its shareholders given the growing scale of the business.
“The Board believe AIM is a more appropriate market for the company and will enable it to attract a wider pool of investors, provide greater access to capital for growth and, over time, improve liquidity in the ordinary shares.”
Net proceeds received by the company from the fundraise will be used primarily to fund (alongside existing cash) the group’s first owned surgical hub through to operation.
The surgical hub, which is predicted to cost between £8m and £9m, is expected to be operational within one year of construction starting and to deliver between £6m to £9m of revenue per annum. It is anticipated to be earnings enhancing in its first full year of operation.
Adam Binns, CEO of One Health, said: “The successful placing and proposed admission to AIM positions us strongly to execute our strategy through the planned investment in Surgical hubs and welcoming of new shareholders to the company.
“The hub model, which supplements our continuing and existing operations, will drive long-term profitability alongside the provision of fundamental public health resources providing much needed care to NHS patients.”
An application for planning permission for the surgical hub is expected to be submitted shortly.
