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Pulse Health Group Substantial Shareholder Wyllie Group Ups Stake

Pulse Health Group (ASX: PHG) substantial shareholder Wyllie Group has increased its shareholding in the company to 42.78%, from 40.72%.

Wyllie Group purchased a further 1.075 million shares for a total consideration of A$59,302, or around $0.05 per share, taking the total number of shares held to 194.9 million shares.

Earlier this week Pulse Health announced it had 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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