ACQUISITION OF ALDWINS HOUSE AND DIRECTOR APPOINTMENT

Promisia Healthcare Limited (NZX:PHL) has entered a conditional agreement to acquire Aldwins House in Christchurch, alongside the appointment of Andrew Mitchell as a director of PHL.

The acquisition includes 8,241m2 of land and a recently refurbished and earthquake-strengthened facility that can house up to 145 residents.

The agreement is conditional on AHL securing finance of $9 million, obtaining certain counterparty approvals and PHL obtaining shareholder approval.

Mr Mitchell has 20 years' experience in New Zealand, UK and Australian property markets, and is a 7% shareholder of PHL.

A special meeting of shareholders is expected to take place in early-mid March 2022.