News blog
China Medstar
- BY: Andrew Hore |
- POSTED: 02/05/2008 |
China Medstar has received a potential bid at 62p a share.
The company says that discussions are at an early stage and there is no certainty that an offer will be made.
China Medstar is radiotherapy and medical imaging company that operates 17 cancer diagnosis and treatment centres in Chinese hospitals. It also manages two high intensity focused ultrasound centres and a Leksell – a non-invasive treatment of tumors and other brain disorders - knife centre. It floated on Aim on 30 November 2006. It raised £6.2m gross (£4.5m net) via a placing at 78p a share handled by Evolution China.
The company hasn’t issued its 2007 figures yet but a trading statement in February said that the treatment centre business was performing well but that equipment sales had been delayed. Management said that the 2007 figures would be below the then market expectations.
That news in February led to a 7p fall in the share price to 35.5p and they have fallen further since then. The announcement of the potential bid added 18.5p to the shares taking them to 50p each. That is well below the bid and flotation prices and values the company at £13.8m.
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