Mayne shareholders overwhelmingly approve demerger of Mayne Pharma Limited
Mayne Group Limited (Mayne) shareholders voted overwhelmingly to approve the demerger of Mayne's international, injectable generic and specialty pharmaceutical operations (Mayne Pharma) from its family of domestic healthcare businesses. Shareholders also endorsed Mayne's name change to Symbion Health Limited.
Over 56% of Mayne's shares were voted on the resolutions to effect the demerger, and of those shareholders voting, over 99.7% of votes cast were in favour (including open proxies) of each resolution.
Following the demerger, Symbion Health will be a large, Australian healthcare-focused company with leading market positions in pathology (including medical centres), diagnostic imaging, pharmacy and health-related consumer products. The businesses within Symbion Health have a history of relatively stable earnings and cashflows and are expected to pay a higher proportion of profits as dividends.
Mayne Pharma will be an international company focused on the research and development, manufacture, marketing and distribution of injectable generic and specialty pharmaceuticals, with more than 70% of its sales revenue generated in the northern hemisphere. Mayne Pharma is expected to maintain its growth focus and pay out a lower proportion of profits as dividends.
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