Source - RNS
RNS Number : 6164K
Yujin International Ltd
23 September 2016
 

Yujin International Ltd

(to be renamed Healthperm Resourcing Ltd)

(ISDX: HPR)

 

Commencement of Dealings on ISDX Growth Market

 

 

On 22 August 2016, Yujin, an AIM quoted cash shell, announced the proposed acquisition of Healthperm Resourcing Ltd for an initial consideration of approximately £11.2 million to be satisfied by the issue of new Ordinary Shares with deferred consideration potentially payable, also in new Ordinary Shares, depending on performance.  The Acquisition was deemed to be a reverse takeover in terms of AIM Rule 14.

 

At the same time Yujin announced the proposed cancellation of the admission of its shares to trading on AIM, and the proposed admission of its shares to trading on the ISDX Growth Market, and also proposed, inter alia, to (i) undertake a consolidation of the Ordinary Shares; (ii) raise approximately £275,000 through subscriptions for New Ordinary Shares at a price of 150p per share (following the Share Consolidation); (iii) change the name of the Company to Healthperm Resourcing Ltd; and (iv) make a number of changes to the Board.

 

All resolutions were duly passed on 15 September 2016 and cancellation of the admission to trading on AIM of the Company's shares took place at 7.30 a.m. today.  

 

The New Ordinary Shares have today been admitted to trading on the ISDX Growth Market.  On Admission, the Share Consolidation, completion of the Acquisition, completion of the Placing  and the changes to the Board all took effect.

 

The Company is valued at approximately £13 million at the Placing Price of 150p per share.

 

The change of name of the Company to Healthperm Resourcing Ltd will take effect when registered with the Singaporean Accounting and Corporate Regulatory Authority, which is expected to take place today. 

 

About Healthperm Resourcing Ltd

 

Healthperm was founded with the objective of addressing the acknowledged shortage of permanent nurses in the healthcare systems in the UK and the UAE, through the recruitment of experienced professionals from the Philippines.  The Directors believe that the recruitment of permanently employed overseas healthcare professionals is more effective, both from a cost perspective and in providing a solution to the long-term staffing shortages of the UK and UAE healthcare markets and beyond.

 

Healthperm placed its first overseas nurses into the Royal Hospital for Neuro-Disability in London in Q3 2015.

 

Since Q4 2015, Healthperm has been conducting numerous interview sessions with candidates sourced from the Philippines, as well as business development meetings with NHS trusts in the UK and homecare providers in the UAE.  Through this process, the Proposed Directors have identified opportunities to recruit over 4,500 healthcare professionals into over 20 NHS trusts in the UK and the homecare sector in the UAE.

 

In January 2016 Healthperm signed a supply agreement with one of the five largest UK NHS Trusts for the placement of permanent healthcare staff. Following the appointment of a UAE-based business development director, Healthperm has secured mandates to supply over 80 homecare nurses to three homecare nurse providers in the UAE.

 

Key strengths of Healthperm

 

·     Healthperm group has an established recruitment operation in the Philippines and sales operations in the UK and the UAE with a single operating model across all locations;

·     the business can be quickly scaled to market demand and presents attractive levels of margin conversion with the benefit of the candidate screening and operations teams in the Philippines providing a scalable overhead base in a low cost economy;

·     Healthperm is currently working with one top five NHS trust hospital and one UK Charity hospital in the UK and two homecare providers in the UAE with a total requirement for around 1,000 overseas nurses, providing the potential for generating revenue in excess of £5.3 million;

·     the UK candidate interview success rate has improved from 69% in the fourth quarter of 2015 to 96% in the first half of 2016;

·     Healthperm has a current pipeline of 180 candidates with NHS job offers in the process of moving to the UK, which has a total revenue value of over £970,000;

·     Healthperm currently has over 1,800 fully screened nursing candidates in its cloud based recruitment system ready to commence the interview process;

·     Healthperm is in discussions with a further 21 hospitals in the UK and two hospitals in the UAE; and

·     the Directors and the Healthperm management team are, between them, experienced operators in the UK, the UAE and Asian healthcare markets, have experience of working in the Philippines and are qualified to position the Company for growth in the UK and the UAE healthcare recruitment markets.

 

Board

 

The Board of the Company now comprises:

 

Non-Executive Chairman

Alan Kitchin

Non-Executive Director

Aamir Quraishi

Chief Executive Officer

David Sumner

Non-Executive Director

Lee Keen Whye

Chief Financial Officer

John-Paul Etheridge

Non-Executive Director

Steven Howson

 

WH Ireland Limited has been appointed by the Company as its Corporate Adviser in respect of the ISDX Admission and Daniel Stewart & Company plc is the Broker.

 

David Sumner, CEO of Healthperm, commented: "We are excited by the opportunity to develop our recruitment operations and build on the strong market demand for permanent healthcare professionals in our key markets of the UK and the UAE. We are currently growing our database of qualified and experienced healthcare professionals, intend to expand our UK team of sales and recruitment specialists and in the UAE will increase our business development activities to secure mandates with local private hospitals, as well as acquire an LLC licence to enable us to supply nurses to state owned hospital groups. Admission to ISDX will help us to deliver this for shareholders as well as, over time, provide a platform for further growth through strategic partnerships or acquisitions."

 

Capitalised but undefined terms appearing in this announcement have the meanings set out in the Definitions section of the Admission Document.

 

More information is available on the IR section of the Company's website: www.healthperm-ir.com

 

Enquiries:

 

Healthperm Resourcing Ltd

www.healthperm.com

David Sumner, Chief Executive Officer

Via Walbrook PR

 


WH Ireland (Corporate Adviser)

Tel: +44 (0)113 394 6600

Tim Feather/Liam Gribben

 


Daniel Stewart & Company plc (Broker)

Tel: +44 (0)20 7776 6550

Daphne Zhang




Walbrook PR (PR advisers)

 Tel: +44 (0)20 7933 8790 or [email protected]

Paul McManus

Mob: 07980 541 893

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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