Company news: 360 Capital Group, Primary Health Care, South32
Primary Health Care has advised that its FY-17 results will meet guidance (unaudited), albeit at the lower end. Strong performance in imaging has offset underperformance in medical centres, with pathology achieving modest growth. Disappointingly, the company also advised it is going to write down the value of medical centres by ~$575m. The real positive from the announcement was in relation to doctor recruitment and retention (key for the business). Over FY-17 150 new GPs signed on (35% increase of FY-16), and retention rates continue to improve. Additional information will be included in the formal results release on 18-Aug-17.
360 Capital Group has announced a potential takeover proposal for Asia Pacific Data Centres (ASX listed REIT, owner of 3 data centre properties). A securityholder vote is scheduled for 28-Jul-17 regarding transition of management to 360 Capital. Should this vote be in favour, 360 Capital proposes to offer Asia Pacific Data Centres security holders $1.80 per security.
South32 released a disappointing production report for the Jun-17 quarter - some issues were weather related, and some operational.