(Alliance News) - Georgia Healthcare Group PLC on Thursday said its senior management and directors intend to participate in the exchange facility offered by Georgia Capital PLC.
Back in November, Georgia Healthcare shareholders were invited to exchange their shares for shares in Georgia Capital, which set the exchange ratio at 0.192 Georgia Capital share for each Georgia Healthcare share.
At the time, Georgia Capital said it would exchange a maximum of 4.5 million shares, equivalent to 23.6 million shares in Georgia Healthcare. If exercised in full, Georgia Capital's shareholding in Georgia Healthcare would increase to almost 75% from 57%.
On Thursday, the healthcare services, pharmacy and medical insurance provider said it has been speaking to senior management and directors about the exchange facility.
Georgia Healthcare said a number of members of the management team, including Chief Executive Nikoloz Gamkrelidze, have advised of their participation in the exchange facility with a portion of their shares, in order to access liquidity for future cash needs.
The combined shareholding of Georgia Healthcare's senior management and their connected persons, including management's unvested shares held in the employee benefit trust, currently totals 3.2 million shares, representing a 2.4% stake. The company said the management expressed their intention to swap about a 1% holding in aggregate.
With regard to non-executives, Georgia Healthcare said Irakli Gilauri - who also serves as chair and CEO of Georgia Capital - and David Morrison - who also sits on the board of Georgia Capital - have both advised that they have tendered their full holdings.
Georgia Healthcare shares were untraded in London on Thursday morning, last closing at 162.00 pence each, while Georgia Capital shares were up 0.5% at 925.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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