Promisia Integrative Limited (NZSE:PIL) entered into a conditional agreement to acquire Three aged care facilities in New Zealand from Brankin Family Trust for approximately NZD 31.3 million on December 18, 2019. The transaction will be financed from Bank debt finance of NZD 17.3 million. NZD 8 million of the purchase price being paid to Brankin Trust in new shares. Promisia will also raise NZD 6 million to NZD 8 million through placement of new shares. These shares will be escrowed and released progressively over a two year period. The transaction is subject to approval by all applicable regulators. The transaction is conditional on shareholders approving the transaction at that meeting. The transaction is further conditional on Promisia reaching final, committed terms for its debt finance and securing of equity placements. In addition, there is a condition for Aldwins House to obtain contractual approval from the Canterbury District Health Board. As of June 11, 2020, trading in PIL ordinary shares will remain suspended until after completion of the proposed acquisition of aged care facilities and related transaction. As on June 11, 2020, the shareholders of Promisia approved the transaction. As of June 30, 2020, PIL got approval to raise the necessary funds. The transaction is expected to close on June 26, 2020. As of June 30, 2020, transaction is expected to close on July 15, 2020. As on July 29, 2020, Promisia Integrative Limited is not able to draw down on debt facilities and the transaction is not expected to complete on or before July 31, 2020. As of September 30, 2020, The transaction is now just subject to agreeing and entering final documentation and completion of the Transaction. PIL has satisfied the conditions precedent in a term sheet for senior debt facilities with Bank of New Zealand (BNZ). Under the terms of the BNZ facilities, BNZ will lend PIL NZD 13 million under 4 separate facilities. Three of these facilities are for a term of 3 years with interest only payments. The fourth facility of NZD 3.5 million is to be repaid over a term of 5 years. Promisia Integrative Limited (NZSE:PIL) completed the acquisition of Three aged care facilities in New Zealand from Brankin Family Trust on October 30, 2020.