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November 23, 2007 |
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SYMBION HEALTH: Primary Wants Shareholders Meeting Postponed Primary Health Care claims that Symbion Health Ltd. had failed to address a number of its concerns, despite Symbion's release of both a Supplementary Explanatory Memorandum and a correction to its notice of meeting last week, reports RWE Aust Business News. According to the report, Primary, in connection with its proposed AU$4.10-per share cash takeover offer for Symbion, believes that the Symbion board of directors has no alternative but to postpone the proposed shareholder meetings scheduled for November 30, 2007, until the Australian Taxation Office rulings have been obtained. RWEABN quotes Primary as saying that the "confusing and befuddling nature of the Healthscope-led revised proposal is highlighted by the fact that, together with Symbion's correction to its notice of meeting on 15th November 2007, which corrected an error in the original Explanatory Memorandum, Symbion has now released over 430 pages of disclosure materials to its shareholders in the past month." Primary believes that if the meetings are held without the ATO rulings, its offer has the potential to lapse. The Healthscope offer, adds Primary, is not in the best interests of any Symbion shareholders to be voting for it without knowledge of whether it is capable of being implemented, relates RWEABN. Primary is Symbion's largest shareholder, with a 20% stake. About Symbion Health Melbourne-based Symbion Health Limited -- http://www.symbionhealth.com/-- formerly Mayne Group Limited, provides health products and services. The principal activities of Symbion Health, during the fiscal year ended June 30, 2006, consisted of diagnostic and wellness products and services through its Pathology, Imaging, Medical Centers, Pharmacy Services and Consumer divisions. Pathology owns and operates private pathology practices, providing pathology services to healthcare professionals and their patients. Symbion Medical Centers provides local communities with healthcare and family medicine. Imaging provides imaging services to patients on the eastern seaboard of Australia. Pharmacy Services supplies a line of pharmaceuticals and associated products to pharmacies. Consumer manufactures and markets nutraceuticals (vitamins and mineral supplements). On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). |
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