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VPLC (ASX:VPL) Chairman, Mike Rann
Source: InDaily
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  • VPCL (VPC) has officially completed its buyout of medicinal cannabis distribution business Health House and subsequent rebranding
  • The software technology company will now be renamed from VPCL to Health House International to trade under the ticker code HHI
  • VPCL issued the Health House sellers just over 115 million shares as part of the all-scrip deal
  • As part of its re-compliance process, VPCL completed a public share offer and raised $3.5 million by issuing 17.5 million shares to subscribers at 20 cents each
  • Health House Chairman and former Premier of South Australia Mike Rann has joined the VPLC board as part of the takeover deal
  • VPCL management said it expects the Health House deal to increase the value of its assets by around $4 million and bring about a $10 million increase in revenue
  • Shares in VPCL have not traded since October 2018 but were last worth 0.4 cents each

VPCL (VPC) has officially completed its buyout of medicinal cannabis distribution business Health House and subsequent business rebranding.

The software technology company will be renamed on the ASX from VPCL to Health House International to trade under the ticker code HHI.

VPC told shareholders today it has received conditional approval from the market regulator for its rebranding and the new name will come into effect on Wednesday, March 24.

VPCL issued just over 115 million shares to the Health House sellers as part of the all-scrip deal. The company first flagged the takeover in November 2020, saying at the time it expects the Health House purchase to increase its assets by around $4 million and see revenue jump by a neat $10 million.

As part of its re-compliance process, VCPL completed a public share offer and raised $3.5 million by issuing 17.5 million shares to subscribers at 20 cents each to rebrand as HHI on the ASX.

Bolstered board

As part of the Health House takeover deal, Chairman of Health House and former Premier of South Australia Mike Rann has joined the VPLC board.

The move comes alongside the appointment of David Wheeler as the new company’s Executive Chairman.

At the same time, VPLC Director Leanne Graham has stepped down from her roll after more than five years with the company.

“The company has an experienced management team which is well-qualified to exploit the potential of the company’s new business,” the new Health House Chairman said.

“The board and its advisors have significant expertise and experience in the medicinal cannabis sector and corporate finance, and we aim to ensure that funds raised through the public offer will be utilised in a cost-effective manner to advance the company’s business,” David said.

Shares in VPC haven’t traded since October 2018 but were last worth 0.4 cents each.

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