Image Plus Consultants is seeking to raise $495.78 million in an initial public offering.
December 20, 2022
Image Plus Consultants going public
IMAGE Plus Consultants Limited, which trades under Apex Radiology, is seeking to raise $495.78 million from the issuance of 247,889,936 ordinary shares in an initial public offering (IPO) which opens on December 28 for $2 per share as the diagnostic imaging company looks to expand its operations and diagnostic offerings.
If Apex Radiology is able to raise a minimum of $250 million and have its application to list on the Junior Market of the Jamaica Stock Exchange (JSE) approved, the 26-year-old firm would become the 48th company to list on the Junior Market, 103rd company on the JSE and 152nd security on the JSE. If it successfully raises its desired target, it would be the largest issuance of new shares on the JSE’s Junior Market and surpass Caribbean Producers (Jamaica) Limited’s record $425.75 million raised in July 2011. It would also be the second diagnostic imaging company on the JSE after Elite Diagnostic Limited.
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The proposed symbol, if listed, would be IPCL. It would also benefit from a five-year tax remission where it would pay no income tax and pay 50 per cent of the applicable rate in the other five years.
JMMB Securities Limited is the lead broker and arranger for the offer. This is JMMB’s first Junior Market offer since GWest Corporation Limited in December 2017.
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On offer are 182,889,936 shares for the general public at $2 with the remaining shares in the reserved pool and 73.78 per cent of the offer is for the general public.
The 17,875,000 shares are reserved for permanent employees and directors of the company in the employee reserved shares pool. Another 5,000,000 shares are reserved for pension funds, collective investment schemes and discretionary portfolios managed by affiliated companies of JMMB Securities Limited in the broker reserved shares pool. Key stakeholder reserved shares number 42,125,000 and is set aside for referral doctors, suppliers who are determined to be integral to the long-term success of the company and consultants and professionals who have received notification after the prospectus’ publication that shares have been reserved for them.
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“By participating in this initial public offer, you will enable the company to meet the strategic objectives of investing in our facilities, allowing us to expand the modalities offered and improving access for patients. As we cement the Apex Radiology brand as a premier provider of diagnostic imaging services, we invite you to join us on the journey,” said co-founder and Chairman Dr Karlene McDonnough in her letter to prospective investors.
Image Plus Consultants was registered on February 16, 1996 and was founded by Dr McDonnough and Dr Lilieth Ann Robinson Bridgewater. The company has expanded from its single location at 2a Molynes Road to four locations across Jamaica, including a 30 per cent associate stake in Winchester MRI Limited. Apex Radiology has expanded from 10 systems in February 2018 to 16 systems at the end of February 2022 which includes three CT (computerised tomography) devices, seven ultrasound devices, four X-ray devices, fluoroscopy and nuclear medicine.
Apex Radiology intends to use the proceeds from the IPO to relocate its largest offering in Kingston which will allow it to control its revenues and further expand its offerings. It will also procure new biomedical equipment to offer additional diagnostic modalities at its Ocho Rios location and expand its interventional procedures and maximise on this fast-growing area of diagnostic imaging. The company doesn’t expect the expenses and fees from the IPO to surpass $30 million.
Apex Radiology currently owns its 2a Molynes Road and 129 Old Hope Road locations while it leases space at the Winchester Surgical and Medical Institute on 3A Winchester Road and at White River North Commercial Complex in St. Ann. Its revenue has grown from $352.26 million in the 2018 financial year (FY) to $777.47 million at the end of the 2022 FY. Apart from its average gross profit margin being 62.91 per cent, its net profit has expanded from $32.45 million to $94.29 million over the same period.
The 2022 FY revenue comprises 56 per cent from private patients, 25 per cent from the Ministry of Health and Wellness (MOHW), 15 per cent from health insurance and four per cent from other. It partnered with the MOHW in 2019 under its Extended Health Care Service Delivery Project where it offers services at discounted rates to patients referred from the island’s hospitals and clinics.
For the six months up to August, revenue climbed 53 per cent to $554.82 million with net profit up 235 per cent to $124.91 million. Total assets increased 54 per cent to $619.37 million with its equity rising 72 per cent to $361.75 million. On a trailing 12-month earnings per share of $0.222 ($220.48 million profit before taxation), the price to earnings come up to 9.01 times.
For the first two years after listing, Apex intends to have a dividend policy of paying up to a cap of 55 per cent of distributable net profits semi-annually. A dividend of $30 million was declared on June 30 and paid on November 30. While director fees made up an average of 37.4 per cent of adjusted profit before tax (PBT) over the last five years, including $66.5 million paid relative to $179.56 million in PBT for the 2022 financial year, this practice at the current rates will be discontinued with the new directors fees to be restricted to the normal and customary amounts paid by publicly listed companies of similar size.
The board of directors includes Dr McDonnough, Dr Robinson Bridgewater, Dr Steven Lewis, Dr Marian Allison-Vaughan, Dr Gordon Bradshaw, Carolyn DaCosta, Dr Jacqueline Leckie, Dr Leon Vaughan, and Kisha Anderson. The audit committee will consist of Dr Leckie, DaCosta and Dr Vaughan with Dr Leckie chairing the committee while the remuneration, corporate governance & nominations committee comprising DaCosta, Leckie and Dr McDonnough with DaCosta chairing the committee. Dr Allison-Vaughan serves as the company secretary with DaCosta being a JSE approved Junior Market mentor.
Interested investors can apply for the offer on JMMB Moneyline or the electronic application platform of the applicant’s stockbroker before the closing date of January 11. If any additional selling agents are added, the notification will be posted on JMMB and the JSE’s websites. If a person does not have a brokerage account, they can open a new brokerage account online with JMMB Securities. The minimum number of shares to be applied for in this offer is 5,000 units while increments will only be done in multiples of 100 units. The JCSD processing fee of $172.50 is payable with an application.
