Life Pharmacy secures investment of NZ$5,250,000
Life Pharmacy Limited (NZX:LPL) is pleased to announce pursuant to NZSX Listing Rule 10.1.1 (continuous disclosure of
material information) that it has today signed a heads of agreement with Segoura Limited (Segoura). Under the heads of
agreement Segoura will subscribe $5,250,000 for a total of 7,000,000 shares in LPL at a price of $0.75 per LPL share.
Segoura is backed by Andrew Bagnall and associates.
Under the terms of the heads of agreement LPL has agreed to grant to Segoura an option to subscribe for up to 50.1% of
LPL’s entire issued share capital for a period of up to two years. The subscription price under the options is $0.75 per
share in year one and $0.825 per share in year two.
The agreement is conditional upon (amongst other things) shareholder approval and obtaining the waivers from the
Takeovers Code and the NZSX Listing Rules necessary to facilitate the granting of the options. LPL and Segoura will now
move to encapsulate the heads of agreement in formal documentation and a further market update will be released then.
Once the agreement is signed a meeting will be convened of LPL shareholders at which they will be asked to approve the
arrangement.
Liz Coutts, chair of LPL said: “Life is delighted to have secured such a substantial equity injection from Segoura.
Segoura is backed by Andrew Bagnall who has considerable expertise in franchisee businesses such as Life and we are
confident that his investment and expertise will bring real value to Life and its shareholders. This investment will
ensure that Life has the funds to grow and to achieve scale benefits.”
Ends