The Totally Plc (LON: TLY) share price rallied 8.82% after revealing that it had won a contract to provide two urgent treatment centres (UTC) in Bromley, South East London.
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The contract is worth up to £66 million and will run for five years, with the possibility of being extended for another three years.
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The contract was awarded to Greenbrook Healthcare Limited (Greenbrook) by the NHS South East London Integrated Care Board (ICB) and will start on 1 April 2023.
Greenbrook is working with the NHS on a mobilisation plan to ensure that the facilities meet all the contractual requirements by commencement.
Investors cheered the contract win, as evidenced by the rally in Totally Plc’s share price. However, the shares had given up some of their gains by the time of publishing.
Wendy Lawrence, Totally Plc’s CEO, said: “Our urgent treatment centres aim to prevent avoidable A&E attendances by ensuring that patients are treated in the most appropriate setting, according to their clinical and wellbeing needs. This means that NHS emergency service staff can focus on treating those with more serious conditions.”
Investors were also pleased to learn that Totally Plc had paid the remaining consideration of £6.1 million following the acquisition of Pioneer Health Care Limited on 7 March 2022. At the time, the company agreed to pay a total consideration of £13.0 million to acquire Pioneer Health Care.
Totally Plc agreed to pay 80% of the consideration in cash and 20% via the issuance of new shares in the firm. The first payment was made upfront, with the second payment being contingent on Piooner Health Care meeting certain milestones.
Totally Plc paid a consideration of £6.9 million upfront, consisting of £5.52 million in cash and the issuance of 4,246,154 new Ordinary Shares at 32.5 pence each. Today’s payment consisted of £4.88 million in cash, and £1.22 million was settled via the issuance of 3,753,846 new Ordinary Shares.
Totally shares are up 2.56% this year but have fallen 12.75% in the past six months.
*This is not investment advice.
The Totally (TLY) share price.
The Totally Plc share price rallied 8.82% to trade at 37.0p, rising from Friday’s closing price of 34.0p.
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