Company news: Primary Health Care, 360 Capital and Moreton Resources
Primary Health Care announced it will acquire Montserrat Day Hospitals, an operator of seven day hospitals and haematology / oncology clinics in Queensland, WA and NSW, which is itself expanding (including acquiring a private hospital in WA). Montserrat will be combined with Primary’s existing five-day hospital facilities, to form a new division in the company.
The new division is expected to achieve strong organic growth (as demand for day hospital procedures is exceeding longer-term admission growth) and will provide an opportunity for cross-selling e.g. pathology, IVF.
Asia Pacific Data Centre (67% owned by 360 Capital) advised the market that the NSW Supreme Court has confirmed 360 Capital has the right to vote in an upcoming meeting called by minority shareholder (and current sole tenant) NextDC. NextDC wants to wind up APDC and 360 Capital will likely vote against the motion. The decision has affirmed the rights of 360 Capital as majority shareholder and will allow the Board of APDC to continue the implementation of its strategy – including making additional data centre investments (which APDC has the charter and capacity to do).
Moreton Resources lost a tax case, which would if upheld equate to a $9mill payment. The company has announced it will evaluate the decision and consider its options over the coming weeks, and may consider an appeal.