Linet Australia signed a binding sale and purchase agreement to acquire 70% stake in Pegasus Healthcare Group for approximately AUD 10 million on August 10, 2022. The consideration will be paid in cash and LINET will pay H&G a AUD1.1 million deposit within 5 business days of signing. Senior management will continue to run the business as shareholders alongside LINET. The transaction is subject to receiving material contract change of control consents and no material adverse change occurring prior to completion. We anticipate the transaction will complete during September 2022, subject to contract counterparty processes. All conditions precedent have now been met for the divestment of its 70% interest in Pegasus Healthcare Group with completion scheduled for Friday September 16, 2022. Ernst & Young Australia acted as financial advisor and due diligence provider to Linet Australia PTY LTD.

Linet Australia completed the acquisition of 70% stake in Pegasus Healthcare Group on September 19, 2022.