Contract signed on Gympie Hospital

GYMPIE Private Hospital on Channon Street may soon have a new owner but the hospital will continue to operate as part of Pulse Health Limited’s hospital network.

A contract for the sale of Gympie Private Hospital land and buildings has been signed but the hospital will be leased back by Pulse Health.

“Pulse Health Limited (ASX:PHG) has previously advised of its intention to sell the Gympie Private Hospital land and buildings on a leaseback, having appointed an agent to undertake this,” Pulse Health Limited said in a statement released to the Australian Stock Exchange yesterday.

“Pulse is pleased to announce that it has now signed a sales contract which provides the interested purchaser with a defined exclusive due diligence period.

“The sales contract incorporates a ‘put and call option’ allowing the purchaser to acquire and leaseback the property at the conclusion of the due diligence period.

“Under this option, the purchaser would be required to settle within 30 days of the end of the due diligence period.”

“The sale on the leaseback basis of this property will enable the company to repay a substantial portion of the remaining bank debt,’ Pulse Health chief executive officer Ian Kadish said.

“The company does not intend to be a long term holder of land and buildings but rather an operator of the associated business assets.”

Gympie Times


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