IGEA to update on RBCARE business combination
Microsoft Word – 20231009 igea_press release
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Hoofddorp, the Netherlands, 9 October 2023. IGEA Pharma N.V. (SIX: IGPH) today disclosed on expected figures about IGEA and RBCARE2023 LTD (“RBCARE”) combining their businesses.
RBCARE has been established beginning of 2023 as an intermediate parent to manage and further roll-out under a single entity ultimately controlled by the same groups of shareholders certain existing elderly care businesses in residential and nursing settings in United Kingdom, including, among others, Cleveland Healthcare Group LTD, acquired by RBCARE beginning of May 2023. Cleveland Healthcare Group LTD operates primarily across the north of England and cares for approx. 1,300 residents in 28 care settings.
Consolidated financial information of RBCARE on a IFRS basis as well as pro-forma financial information in the form as required to accomplish the business combination are not yet disclosed/available, but based on the most recent available August 2023 figures, IGEA expects RBCARE to disclose consolidated revenue and an EBIT of EUR 105 million and EUR 9.5 million respectively for 2023, confirming therefore also the consistency of the next 12 months forecast of RBCARE previously disclosed.
The key element of the combination is and remains the significant value improvement for their businesses, stockholders and stakeholders expected by both parties.
Pierpaolo Cerani, CEO and director of IGEA “Consolidated revenue and EBIT expectations about RBCARE for 2023 emphasize our belief in the validity of the proposed solution and in the work carried out when we took over from the previous board beginning of May 2023, and strengthen our expectation to substantially contribute to the value improvement for our shareholders.”
The closing remains subject to (i) the absence of any deal-breaker or other material adverse event for either parties, including, but not limited to, IGEA remaining a SIX listed entity; and (ii) the satisfaction of customary conditions for a transaction of this type, including, among others, the approval by the parties’ respective general meetings as well as the newly issued shares of IGEA in connection with the transaction having been approved for listing on SIX.
IGEA Pharma N.V. operates on preventative health-tech products and devices, commercializing an Alzheimer’s prevention set (which includes ’Alz1’, an at-home lab test kit to measure non-bound copper in the blood and a natural dietary supplement branded ‘Alz1 Tab’ designed to reduce blood heavy metals content) and expects to integrate the non-bound copper detection-based pipeline with a diabetes type II prevention set in the next future.
IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl
Pierpaolo Cerani, CEO, firstname.lastname@example.org
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