Citicode to acquire Livingstone Health for $72 mil

Felicia Tan
Felicia Tan7/29/2020 03:08 PM GMT+08  • 3 min read
Citicode to acquire Livingstone Health for $72 mil
Once completed, the transaction will constitute a reverse takeover, which will mark a new phase of transformation for Citicode’s new executive chairman and CEO Teh Wing Kwan.
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Mainboard-listed Citicode (formerly Advance SCT) announced today that it intends to acquire Livingstone Health (formerly Ardmore Consolidated) for a total consideration of up to $72 million.

Citicode, on July 29, entered into a conditional sale and purchase agreement with Livingstone Health on July 29 at a base consideration of $47 million with a deferred consideration of up to $25 million.

The total consideration will be paid by $3.5 million in cash, and the issuance and allotment of up to 342,500,000 new ordinary shares at an issue price of 20 cents in the capital of Citicode on a post-share consolidation basis.

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