IN BRIEF: Optima Health announces open offer after PAM takeover

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Optima Health PLC - Sheffield, England-based occupational health services provider - Launches open offer to raise up to £35.0 million before expenses through the issue of up to 20.0 million shares at 175 pence each. Says it will use net proceeds to repay the £30.0 million bridge facility used to partially finance its acquisition of PAM Healthcare Ltd, completed last week. The bridge facility was provided by Deacon Street Partners Ltd, which is controlled by substantial shareholder Michael Ashcroft. Qualifying shareholders will be able to subscribe for open offer shares at the issue price, on the basis of one open offer share for every 4.439 existing ordinary shares. Issue price represents a discount of 2.8% to the closing middle market price of 180p on Monday, and around 18% to the closing price of 213p on February 13, the latest practicable date before the PAM acquisition was announced.

Current stock price: 179.89p

12-month change: up 5.2%

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