In Brief: 08 April 2010 – HSP, APA, HDF, AVG
April 8, 2010
Healthscope Limited (HSP) said it has signed a conditional heads of agreement with Moreland City Council to acquire land in Coburg, Melbourne for the development of a new private hospital. The company said a proposed development includes 300 hospital beds, 12 operating theatres, emergency department and cardiac catheter laboratories is under consideration. The Australia Financial Review reported this morning that the company was planning the construction of a $150 million hospital in Melbourne’s inner north.
APA Group (APA) said it has purchased 51.6 million Hastings Diversified Utilities Fund (HDF) securities, taking its interest in HDF to 14.9%. The company said the investment is consistent with its strategy of long-term investment in gas transmission pipelines. APA said each of HDF’s pipeline assets delivers natural gas into existing APA infrastructure investments. Coupled with APA’s existing investment in HDF, the group said its average purchase cost is $1.30 per HDF share. APA said it does not intend to make a follow-on takeover bid, unless any future actions of HDF or others make it necessary for APA to protect the value of its investment in HDF. The acquisition is not expected to have any impact on APA’s guidance of 5% growth in FY10.
Australian Vintage Limited (AVG) announced that it has ended discussions with Constellation Brands regarding a potential merger of both their Australian and UK businesses. The company said over time, it became evident that both companies were not going to be successful in accomplishing all of their goals. Therefore, the companies mutually decided it was in their best interests to discontinue their discussions and focus on their respective businesses. Australian Vintage said it is in good financial shape with its lowest debt level in nine years.
APA Group (APA) said it has purchased 51.6 million Hastings Diversified Utilities Fund (HDF) securities, taking its interest in HDF to 14.9%. The company said the investment is consistent with its strategy of long-term investment in gas transmission pipelines. APA said each of HDF’s pipeline assets delivers natural gas into existing APA infrastructure investments. Coupled with APA’s existing investment in HDF, the group said its average purchase cost is $1.30 per HDF share. APA said it does not intend to make a follow-on takeover bid, unless any future actions of HDF or others make it necessary for APA to protect the value of its investment in HDF. The acquisition is not expected to have any impact on APA’s guidance of 5% growth in FY10.
Australian Vintage Limited (AVG) announced that it has ended discussions with Constellation Brands regarding a potential merger of both their Australian and UK businesses. The company said over time, it became evident that both companies were not going to be successful in accomplishing all of their goals. Therefore, the companies mutually decided it was in their best interests to discontinue their discussions and focus on their respective businesses. Australian Vintage said it is in good financial shape with its lowest debt level in nine years.
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