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Pulse Health Group Completes Share Buyback

Pulse Health Group (ASX: PHG) has completed a share buyback of up to 20.4 million shares under its Long Term Incentive Scheme.

Under the scheme, each employee shareholder could choose to have their plan shares bought-back by the company.

Pulse Health has bought back 12.2 million Share A class shares at A$0.0516 each for a total consideration of $631,398.

All of the Share B and Share C class shares were not "in the money" and have been cancelled.

The $0.0516 buyback price represents the 45 day volume weighted average price of Pulse Health shares as was announced earlier this month.

The company now has around 455.5 million shares on issue.

Pulse Health has acquired the operating assets of the Westmead Rehabilitation Hospital - a move that will reduce the net debt of the company and establishes it as the clear and beneficial owner of the hospital.

Total consideration for the acquisition is $9.86 million, with settlement scheduled to occur on 31 May 2013.

Westmead Rehabilitation Hospital is a purpose built 60 bed private rehabilitation hospital located in Merrylands, Sydney, 3 kilometres south of Parramatta and within close proximity of Westmead Public Hospital and Westmead Private Hospital.

The fully equipped facility provides speech, occupational and physiotherapy along with psychological rehabilitation services to patients post-surgery, stroke and motor vehicle accidents.

Pulse Health is aiming to complete an expansion project at the hospital in fiscal 2014 to increase bed capacity.

As at 31 December 2012, Pulse Health had a total cash balance of $1.8 million plus an unused overdraft facility of $0.8 million.

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