REG - Induction Healthcare - DIVESTMENT OF HORIZON STRATEGIC PARTNERS LIMITED

Induction HealthcareAnnouncement

01/07/2024 07:00

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RNS Number : 4750U  Induction Healthcare Group PLC  01 July 2024

INDUCTION HEALTHCARE GROUP PLC

 

DIVESTMENT OF HORIZON STRATEGIC PARTNERS LIMITED

 

London, UK - [1 July 2024]: Induction Healthcare Group PLC ("Induction", the
"Company", or the "Group"; AIM: INHC), a leading digital health platform
driving transformation of healthcare systems, today announces that it has sold
its wholly-owned subsidiary, Horizon Strategic Partners Limited ("HSP"), to
Eolas Medical Ltd ("Eolas") for a consideration of £1.2 million (the
"Disposal").

 

HSP is a supplier of a clinical management platform to facilitate the
curation, review and dissemination of antimicrobial resistance guidelines. In
divesting this subsidiary, a non-core asset, the software platforms Guidance
(often known as MicroGuide) and OPAT PMS, will be owned and operated by Eolas.
This sale successfully completes the programme of divestment of Induction's
non-core assets announced last year. The sale proceeds shall be used for the
Group's working capital.

 

Paul Tambeau, CEO of Induction Healthcare said: "We've made considerable
progress with our integrated product strategy that focuses on transforming the
interaction between care teams and patients. Part of this strategy involved
divesting or deprecating non-strategic assets. This sale of Horizon, following
the disposal of Switch last year, is an important step in our journey of
focusing the business and delivering greater financial performance."

 

Terms of the Disposal

 

Of the total consideration of £1,200,000, £400,000 will be paid in cash and
£800,000 will be deemed to be paid to Induction and immediately advanced to
Eolas as a loan (the "Loan") pursuant to a convertible loan agreement between
Induction (as lender) and Eolas (as borrower), with a maturity date of 31 May
2017. In certain circumstances, Induction can, inter alia, either require full
repayment of the Loan or convert the Loan into ordinary equity in Eolas.

 

For the 6 months ended 30 September 2023, HSP generated revenues of £0.3
million (FY23: £0.3 million) and breakeven before tax (FY23: Breakeven). As
at 30 September 2023, the net assets attributable to HSP were £1.2 million.

 

 

Enquiries

 

 Induction

 Christopher Samler, Chair                              +44 (0)7712 194092

 Paul Tambeau, Chief Executive Officer                  +44 (0)7983 104443

 Singer Capital Markets (Nominated Adviser and Broker)  +44 (0)20 7496 3000
 Philip Davies

 Alaina Wong

 Jalini Kalaravy

 

About Induction - www.inductionhealthcare.com
(http://www.inductionhealthcare.com/)

Induction (AIM: INHC) Induction delivers a suite of software solutions that
transforms care delivery and the patient journey through hospital. Our
system-wide applications help healthcare providers and administrators to
deliver care at any stage remotely as well as face-to-face - giving the
communities they serve greater flexibility, control and ease of access.
Purpose-built for integration with leading Electronic Medical Record (EMR)
platforms, our products offer immediate stand-alone value that becomes even
greater when integrated with pre-existing systems.

 

Used at scale by national and regional healthcare systems, as well non-health
government services, our applications are relied upon by hundreds of thousands
of clinicians and millions of patients across almost every hospital in the
British Isles.

 

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