Johannesburg – Ascendis Health has concluded a R590-million loan agreement with Austell Pharmaceuticals to repay current lenders in full and fund short-term working capital requirements.
May 17, 2022
Austell Pharmaceuticals is the largest 100% black-owned pharmaceutical company in South Africa. The refinancing of the loan facilities follows notice from the current lenders, Apex Management Services and Pharma-Q Holdings, that their R550-million loan advanced on 1 February 2022, plus accrued interest, was immediately payable. This arose after last week’s appointments of three new non-executive […]
Company will focus on Consumer Brands following recapitalisation
Johannesburg – Ascendis Health plans to dispose of three businesses to settle outstanding debt of R550 million plus interest, and generate cash for investment in the expansion and rebuilding of the group. Agreements have been reached for the disposal of Ascendis Medical, Ascendis Pharma and the Nimue business in three separate transactions. Following these disposals […]
Johannesburg – Ascendis Health shareholders today voted overwhelmingly in favour of the proposed group recapitalisation, paving the way for the implementation of the transaction to settle debt of approximately €444 million (R7.7 billion) owed to senior lenders.
October 5, 2021
A total of 98.5% of shareholders voted in favour of the recapitalisation, exceeding the required 75% threshold. Shareholders representing over 47% of the company’s issued shares voted at the general meeting. Shareholders also supported the transactions for the disposal of the Animal Health and Respiratory Care Africa (RCA) businesses. If shareholders had not supported the […]
Johannesburg – Ascendis Health delivered a stronger operational performance in the year to June 2021 as normalised EBITDA from total operations rose 18% to R1.45 billion.
September 30, 2021
Normalised EBITDA from continuing operations, which excludes the assets earmarked for sale, increased by 120% to R14 million from -R70 million last year. However, rising debt levels, restructuring costs and higher finance charges contributed to the group reporting a loss after tax from continuing operations of R1.6 billion. The results release comes days ahead of […]
Transaction fair and reasonable to shareholders says independent expert
August 31, 2021
Johannesburg – Ascendis Health (JSE: ASC) has concluded a final agreement with its participating senior lenders for the implementation of the group recapitalisation transaction to settle outstanding debt of approximately €444 million (R7.7 billion). The agreement sets out the binding terms and conditions for the implementation of the group recapitalisation. PSG Capital, appointed as the […]