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CADOUX LIMITED — Capital/Financing Update 2008
Dec 17, 2008
64620_rns_2008-12-17_306f14a0-7aa7-414e-ae84-fae860531007.pdf
Capital/Financing Update
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FREEDOM EYE EXTENDS THE OPTION TO COMPLETE THE VISTA VISION ACQUISITION
SUMMARY
Freedom Eye has formally extended the option to acquire VISTA VISION and intends to complete the transaction in the new year.
It is proposed that VISTA VISION, a Malaysian based award winning eye surgery practice, will be the first in a series of similar acquisitions which will form part of the Company’s growth strategy.
Perth, Australia. <18 December 2008> : Freedom Eye (ASX: FYI, formerly Solbec Pharmaceuticals ASX: SBP) is pleased to announce that it has refreshed the Option to acquire the VISTA Vision Specialist Malaysia “VISTA” business with the payment of a fee of AUD 10,000 (this fee is rebateable against the purchase price). Freedom is pleased to announce its intention to complete the VISTA acquisition early in the New Year.
The general deal terms, announced at the Company’s Annual General Meeting of Shareholders, are such that Freedom Eye is to acquire an initial controlling interest of 51% of VISTA, with subsequent tranches of the VISTA business to be purchased over a 3 year period. Subsequent tranches will be based on a Net Profit After Tax (NPAT) valuation model, designed to maximise upside, share the risk and ensure continued loyalty and enthusiasm from VISTA vendors.
VISTA is an award winning multi-centre eye surgery practice based in Malaysia. The business is a profitable and growing business in its own right.
“We are pleased to have advanced this initial transaction with VISTA Vision” said Dr William Ardrey, Executive Chairman of Freedom Eye. “We expect to have details finalised near the end of first quarter 2009.”
“During the transition period, we will continue our focus on cataract and refractive surgery, and also work to broaden the suite of offerings to include diabetic eye disorders and minor procedures which best service the unique characteristics of the Malaysian private patient population.”
Unit 9, 8 Sarich Way, BENTLEY 6102 Postal: PO Box 1102 EAST VICTORIA PARK WA 6981 Tel: +61 8 9355 0399 Fax: +61 8 9472 0475 Email: [email protected] Website: www.freedomeye.com
Freedom Eye has announced a strategy of acquiring a series of profitable and growing clinics in the cataract and refractive business, creating a best-practice multi-centre eye surgery group with a strong patient-first focus as well as sound commercial and financial prospects. Dr David Sparling, COO of Freedom Eye, stated “As the first in a series of planned acquisitions, we have spent a great deal of time and energy not only in due diligence, but getting the VISTA deal metrics right. In doing so, Freedom Eye have developed a proprietary model we can apply to rapidly evaluate these businesses and to then ‘option’ those businesses with the right mix of profitability, a young and vibrant team and the highest medical and ethical standards. We are currently in various stages of evaluating several other opportunities.”
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Further Information:
Dr William Ardrey Executive Chairman Tel: (08) 9355 0399 Mob: 0400 544 502 Email: [email protected]
Dr David Sparling Chief Operating Officer Tel: (08) 9355 0399 Mob: 0417 721 972 Email: [email protected]