28 Oct 2010

Abano to return $27m to shareholders

8:35 am on 28 October 2010

Abano Healthcare is planning to return more than $27 million to shareholders.

The listed healthcare company will cancel one in every four shares, worth $27.3 million.

It says shareholders will receive $5.23 for each share cancelled, following the settlement of the sale of Abano's 13% stake in NHC Group, which should net the company more than $26 million.

Investors should receive their payment at the end of December, and Abano says it won't effect the funding of its future growth plans.