The Pharmaceutical Journal
Vol 269 No 7208 p121
27 July 2002

This article
Reprint
Photocopy

News summary

Related websites
Numark Pharmacists (more)

Numark conversion to go ahead in mid-August

Numark is to proceed with its plan to convert to a public limited company after receiving a 95 per cent majority in favour at an extraordinary general meeting in Birmingham on 22 July. The meeting was held to confirm the results of an initial vote on conversion which was approved by 90 per cent of shareholders (PJ, 13 July, p43).

Speaking at a press briefing in London, David Wood, managing director of Numark, said that the conversion from an industrial and provident society to an unlisted plc should take place in mid-August.

As part of the conversion process, Numark's shareholders have subscribed £6.2m for new shares in the company, double the initial target. This money will predominantly be used to establish a chain of around 30 jointly owned Numark pharmacies. Numark will be aiming to purchase independent pharmacies with turnovers of less than £650,000 a year. It will then invite pharmacists to enter into joint ownership of these pharmacies, which will be refitted with Numark's concept store designs. Mr Wood said that the pharmacists' share of the businesses will be a 50:50 mixture of debt and equity, reducing the cost of entry into business ownership.

Numark is likely to seek a public listing of its shares, probably on the Alternative Investment Market, in two to three years' time.