National Veterinary Care to list with 35 clinics posted - 09/Jul/2015

BRISBANE, July 9, 2015 – National Veterinary Care (NVC) today lodged a prospectus with the Australian Securities and Investments Commission (ASIC) for an initial public offering (IPO) and listing on the Australian Securities Exchange (ASX).

The offer opens on July 17 and closes on July 27, with an anticipated commencement of trading on the ASX of August 5. The amount to be raised under the offer is $30m at $1 per share, with an implied market capitalisation of $50.7m.

The offer is fully underwritten by Shaw ICS Advisory Pty Limited and Wilson HTM Corporate Finance Ltd.

Upon listing, NVC will bring together 35 veterinary clinics across five states, including 32 general practice veterinary clinics and three associated veterinary service businesses, with forecast revenue of $53m in FY16.

NVC chair Susan Forrester said, “The fragmented nature of the Australian veterinary services industry offers significant growth opportunities through targeted consolidations and the introduction of back office efficiencies that will lead to greater patient care.”

Australia has one of the highest pet ownership levels in the world with 63% of Australian households owning pets (with dogs at 39% and cats at 29% of households), and Australians spend about $2.9 billion a year on pet care and veterinary services.

Ms Forrester said, “Collectively the Board and Management have considerable knowledge and experience in veterinary services, health and sector aggregations, as well as fresh ideas about the future of the veterinary profession. In particular, they have the energy, experience and capability to successfully integrate the Initial Portfolio of Clinics, and to implement the necessary systems to improve the performance of these businesses.”

NVC chief executive Tomas Steenackers said, “We will grow the company through a combination of organic growth and targeted acquisitions. NVC’s focus is on professional veterinary services. It is not a franchise model with an imposed look and feel. Our back office systems remove the administrative burden of running an efficient vet clinic and free up vets to focus on clinical delivery, which is their real expertise and passion.”

The NVC prospectus is available from the NVC website, nvcltd.com.au.

 

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About National Veterinary Care:
NVC is a national provider of professional veterinary services delivering enhanced practice management and back office systems that remove the administrative burden of running an efficient vet clinic and free up vets to focus on clinical delivery. NVC is growing a community of practices across Australia to build on those efficiencies.

 

 

 

For Further Information:

Richard Newsome, Cicero Communications 0402 056 047

richard@cicero.net.au

Tomas Steenackers, NVC chief executive 0402 667 600

tsteenackers@nvcltd.com.au

 

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