ACL – Australian Clinical Labs Limited
Update on Crescent Entities and Crescent Co-Investors’ Shareholding
Crescent Capital Partners Management Pty Ltd (“Crescent”) in its capacity as manager
of the interests held by the Crescent Entities and Crescent Co-Investors1
(“Crescent
Interests”) today announced that it has entered into an underwriting agreement to sell
14.3% of the issued shares outstanding in Australian Clinical Labs Limited (ASX:ACL)
(“ACL” or the “Company”).
On completion of the sale pursuant to the underwriting agreement, the Crescent Interests
will hold 30.1% of the issued shares outstanding in aggregate.
29.9 million shares held by the Crescent Interests will be released from the final tranche
of voluntary escrow at IPO at the release of the 31 December 2022 interim report in
February 2023.
It is Crescent’s view that the Crescent Interests’ holding to date has constrained ACL’s
trading liquidity and index inclusion. The primary purpose of the sell-down is to enhance
liquidity and ACL’s eligibility for inclusion into the S&P/ASX 300 index at the upcoming
September quarter rebalance.
Crescent remains supportive of ACL and has a high level of conviction around the ongoing
performance and value of the Company. Crescent is committed to maintaining its
representation on the Company’s Board of Directors.
Following the sell-down announced today and outside of any corporate activity associated
with ACL, Crescent has no intentions to seek further liquidity of the Crescent Entities’
remaining shareholding at this current time. This position will not be reviewed before the
release of the 31 December 2022 interim report in February 2023.
For and on behalf of Crescent
Crescent Capital Partners Management Pty Ltd (“Crescent”) in its capacity as manager
of the interests held by the Crescent Entities and Crescent Co-Investors1
(“Crescent
Interests”) today announced that it has entered into an underwriting agreement to sell
14.3% of the issued shares outstanding in Australian Clinical Labs Limited (ASX:ACL)
(“ACL” or the “Company”).
On completion of the sale pursuant to the underwriting agreement, the Crescent Interests
will hold 30.1% of the issued shares outstanding in aggregate.
29.9 million shares held by the Crescent Interests will be released from the final tranche
of voluntary escrow at IPO at the release of the 31 December 2022 interim report in
February 2023.
It is Crescent’s view that the Crescent Interests’ holding to date has constrained ACL’s
trading liquidity and index inclusion. The primary purpose of the sell-down is to enhance
liquidity and ACL’s eligibility for inclusion into the S&P/ASX 300 index at the upcoming
September quarter rebalance.
Crescent remains supportive of ACL and has a high level of conviction around the ongoing
performance and value of the Company. Crescent is committed to maintaining its
representation on the Company’s Board of Directors.
Following the sell-down announced today and outside of any corporate activity associated
with ACL, Crescent has no intentions to seek further liquidity of the Crescent Entities’
remaining shareholding at this current time. This position will not be reviewed before the
release of the 31 December 2022 interim report in February 2023.
For and on behalf of Crescent
DYOR
i do not hold this share
