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CENTURIA CAPITAL GROUP — Capital/Financing Update 2008
Apr 2, 2008
64677_rns_2008-04-02_245c51ad-70fe-4eb7-aa2c-6149b4f5afff.pdf
Capital/Financing Update
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Citrofresh[®] International Ltd
Citrofresh[®] - The only natural choice.
3[rd] April 2008. Page 1 of 1
Australian Securities Exchange Company Announcements Office Level 45, South Tower Rialto 525 Collins Street MELBOURNE VIC 3000
CITROFRESH INTERNATIONAL LIMITED (ASX Code: CTF) COMPLETES ACQUISTION OF LIFETIME PLANNING
Citrofresh International Limited (CTF) has today completed the purchase of the business assets of Lifetime Planning from the Over Fifty Group Limited (ASX code: OFG) for consideration of $600,000.
The Company has formed a new subsidiary called Lifetime Planning Pty Ltd (ACN 130 217 186) to hold the business assets acquired.
Lifetime Planning specialises in assisting with the financial arrangements of people of pension age who are considering a move into aged care and retirement village accommodation. It is the first leg in the implementation of a six point strategic plan to offer a range of complementary services to the health and aged care market.
The Lifetime Planning business is expected to contribute annual revenue’s of approximately $600,000 and an operating profit in the order of 30% of revenue before the allocation of corporate expenses. The directors are confident the acquisition of complementary businesses will enable the new business to significantly expand its business base and profit.
The Company will convene a general meeting of shareholders in May 2008 to seek approval of a change in the nature of the Company’s business and approve a change of the Company’s name to Paragon Care Limited. In the unlikely event that shareholders do not approve the change of nature of the Company’s business it has a firm commitment from a third party to acquire the Lifetime Planning business for $600,000. Further details will be provided in the Notice of Meeting to be forwarded to shareholders within the next three weeks.
Shane Tanner Chairman
Citrofresh International Limited (ACN 064 551 426) Level 1, 71 Queens Road, Melbourne VIC 3004 Tel. (03) 9520 3060. Fax (03) 9520 3050