October 21 2021
Japara Acquisition Update
Calvary welcomes the vote by Japara shareholders in advance of the second and final Scheme of Arrangement Meeting supporting Calvary’s proposal to acquire 100% of the Japara shares, at $1.40 a share.
Japara advised today that the resolution to approve the Scheme, as set out in the notice of meeting dated 17 September 2021, was passed by the requisite majorities of shareholders, with:
- 89.10% of Japara shareholders present and voting (either in person or by proxy) in favour of the resolution; and
- 89.89% of votes cast in favour of the resolution.
The Scheme establishes an equity value of approximately $380 million.
Calvary National CEO, Martin Bowles, said: We look forward to the second court hearing on the 25th October which will confirm whether the Scheme is binding on Japara shareholders.
“If the Court, as expected, confirms the vote, we will work closely with the Japara team to transition their care homes into Calvary’s expanded national offering which extends across hospital care, residential care and home care.”
