The wash-up from a hostile and unsuccessful takeover bid for Abano Healthcare is now in court, including a $566,000 claim for costs against the dissident shareholder group. Yesterday, Abano chairman Trevor Janes said the failed partial takeover by Healthcare Partners had been time-consuming, costly and a distraction for Abano. Abano yesterday started High Court legal proceedings seeking reimbursement of about $566,000 in unpaid takeover costs from Healthcare Partners Holdings Ltd and its directors, the Hutsons and Mr Reeves. Despite monthly invoices and overdue reminders, Mr Janes said Healthcare Partners had neither accepted any costs nor made any voluntary payment, prompting Abano to withhold the $700,000 dividend. He said Abano and its shareholders had incurred related costs of more than $2million in the period, and only the costs of the latest failed takeover attempt could be recovered.

Source: Otago Daily Times April 20, 2017 18:00 UTC