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This page gives LifeCare's
history in outline and a list of
references.
Chronological
Account and References
This page gives a chronological account of LifCare's history and a list of references. Its business practices are discussed on the main LifeCare page.
September 1999 LifeCare plan to transplant their successful model to the Eastern states and are offering just under half the company to the market for $8 million to raise the capital. The 25 cent float soon sells for 34 cents adding $6.55 million to Boyd's fortune. LifeCare consider this to be a "growth stock". Boyd and his father together own 50% of the stock.
December 1999 The two largest shareholders are listed as Michael Boyd (19,550,000) and Darnell Nominees Pty Ltd (18,700,000). Lifecare contracts to supply physiotherapy services to the Mater Hospital in Crows Nest Sydney.
Acquisitions include:
January 2000 LifeCare acquires a Sydney sports clinic.
March 2000 LifeCare pays $2.56 million for Sports Medicine Centres of Victoria (SMVC) which runs 6 sports centres in the city. It plans to use it to "accelerate the growth of its franchise network" in "sports medicine and allied health".
The total consideration for the acquisition is $2.56 million, to be satisfied by a cash payment of $2.06 million and the issue of 941,442 shares.
Acquisition of Sports Medicine Centres of Victoria Pty Ltd, Stock Exchange announcement 3 March 2000
May 2000 LifeCare becomes the first of West Australia's emerging health care service providers to expand into dentistry. It buys three dental groups, the Forrest Chase dental centre in Perth, a practice in Joondalup and Wembley Dental Centre in metropolitan Perth. LifeCare plans to follow the same practice management programs used by Foundation Healthcare.
LifeCare buys Carnegie Physiotherapy Centre in Melbourne giving it 12 practices in the city. It announces that its expenses have been greater than expected and its profits less so it will not meet its projected profit.
August 2000 LifeCare does not produce the expected $450,000 profit posting a loss of $50,000 instead. At this time it owns 16 sports medicine and physiotherapy practices as well as the dental practices.
Boyd's Foundation Healthcare buys 9.8% of LifeCare and forms an alliance which will lead to "synergies and economies of scale". Foundation took 50% of a $7 million raising from the market. Boyd is the major shareholder and director of LifeCare, Foundation Healthcare and Sonic Healthcare. Sonic owns 10% of Foundation.
November 2000 Buys Chatswood Physiotherapy Centre in Sydney. Announces that it has developed and is marketing a Palm computer program for managing spinal problems. An R Walker is appointed a director at the AGM.
January 2001 Buys Taringa and Campus Physiotherapy in Queensland and starts establishing physiotherapy services in Foundation's Queensland medical centres.
LifeCare purchases the master franchise licence in WA for "Workfit Physiotherapy".
An Alliance is formed between Sonic, LifeCare, Sigma pharmaceuticals, and Foundation Healthcare to service Foundations Medical Centres with diagnostic, allied health and pharmacy services. They will capitalise on referrals from doctors employed by Foundation.
March 2001 Acquires the two companies running "St John of God Murdoch Physiotherapy" and "Hamilton Hill Physiotherapy Centre" in Perth.
April 2001 The company advises that 6 month profits are behind projections and offers explanations. It advises the market on 20 April 2001 that it is cutting costs, selling and leasing back properties, and "on selling of company owned practices as franchises".
Other strategies include 'Identification of high margin revenue streams' and then 'Implement higher margin revenue streams such as "Learn to Swim" and "Pilates" programmes'. The report also talks of "implementation of the systems and culture" in one facility.
May 2001 Buys "Physiotherapy and Pilates practices" in Brisbane using shares and options as part payment in line with its "LifeCare Staff Incentive Option Scheme" which " is fundamental to the Company's business mode".
LifeCare embarks on a trial of Cellbionics, pulse electromagnetic field therapy (PEMFT) developed by a commercial entity and consisting of 447 programs of treatment for a polyglot of conditions, all delivered by smartcard technology.
July 2001 LifeCare sets up physiotherapy and dental services in three of Foundation's Perth medical centres. The first LifeCare franchises are granted in Queensland and the company identifies Brisbane as a "strong growth area for the LifeCare Brand".
September 2001 The company falls short of its prospectus forecasts, posting a $A516,000 loss for the year to 30 June 2001. Its share price, once up to 60 cents falls to a record low of 7 cents.
October 2001 LifeCare starts selling its stand alone dental practices back to the dentists as they have not been profitable. It plans to only buy practices which will operate in Foundation Healthcare's Medical Centres.
LifeCare buys "Re-Start Consulting Pty Ltd, a Sydney based Injury Management and Occupational Health & Safety provider". Restart brings new services to LifeCare including
The purchase is incentivised by basing the final payment on "specific performance hurdles being achieved" within 18 months. These services are seen as a referral base for LifeCare's other services.
November 2001 LifeCare indicates that it is improving its economic performance by franchising. This is based on "gross billings of the practices, rather than the less reliable profit margins of company-owned centres". The company claims it will be profitable in the next year and that it will still attain "its long-term goal of controlling 20 per cent of the market". Its share price is 13 cents.
December 2001. The trial of Cell Bionics is extended from Perth to 10 clinics in Victoria.
January 2001 Richard Bevan the founding M.D. who has been running the company resigns. No reasons are given.
February 2002 Michael Boyd resigns from post of Non-Executive Director citing other business interests. At this time he still holds 19,550,000 shares in his own name but only 182.410 in the name of his company Convenant Nominees Pty Ltd
April 2002 The share price is down to 11 cents.
June 2002 Foundation and LifeCare merge under the name of LifeCare.
November 2002 Company renamed Independent Practitioners Network (IPN)
December 2002 IPN entered into an arrangement with Sonic Healthcare giving it pathology rights in its centres. Sonic gives support by increasing to 18.5% in IPN.
IPN's story now became so closely intertwined with Sonic that this chronology is continued on the Sonic chronology page
LifeCare float to fund
expansion
The West Australian September 24, 1999
LifeCare float to drive ambitious growth plan
The West Australian November 6, 1999
Byline by Andrew Main:
Australian Financial Review November 9, 1999
Prospectus
LifeCare, Australian Stock Exchange Fri 19 Nov 1999
Top 20 shareholders
LIFECARE HEALTH LIMITED Australian Stock Exchange 03 Dec 1999
Impressive Share Debut For LifeCare Health
Australian Financial Review December 7, 1999
Health care float sees 40pc premium:
The West Australian December 7, 1999
Boyd lowers boom on robust Sonic
The Australian January 3, 2000
Acquisition of Sports Medicine Centres of Victoria Pty Ltd
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-03-03
LifeCare buys in Victoria
The West Australian March 6, 2000
Appendix 3B - Consideration for acq./Staff Incentive Scheme
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-05-01
Entry into Dental Services
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-05-03
LifeCare moves to dental groups
The West Australian May 4, 2000
Profit Forecast
LIFECARE HEALTH LIMITED Australian Stock Exchange Limited
2000-05-11
Dental centre adds $A2.9m to LifeCare sales
The West Australian May 15, 2000
Dental Practice Acquisition
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-05-19
Notice re: Expected financial results
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-08-11
Downgrade at LifeCare tips a slide into red
The West Australian August 12, 2000
Strategic Alliance with LifeCare Health Ltd
FOUNDATION HEALTHCARE LIMITED Australian Stock Exchange
2000-08-25
Boyd builds on LifeCare foundation
The West Australian August 26, 2000
Palm computer software/Physiotherapy practice acq. complete
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-11-07
Results of Annual General Meeting
LIFECARE HEALTH LIMITED Australian Stock Exchange 2000-11-17
Purchase of Brisbane physio.practices/Acq. MasterFranchise
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-01-11
Physio move for LifeCare:
The West Australian January 12, 2001
Foundation Out To Raise $50m
Australian Financial Review February 1, 2001
Becoming a substantial holder for LCH
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-02-23
Acq of Southcare Physiotherapy P/L & Kinetikos Serv P/L
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-03-13
Letter to Shareholders re Update on Activities
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-04-20
Appendix 3B - Consideration for acq./Staff Incentive Scheme
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-05-01
GBL: World first Elect Prescription to be evaluated by LCH
GENESIS BIOMEDICAL LIMITED Australian Stock Exchange
2001-05-21
App 3B-Part consideration for acq.of
Physiotherapy&Practices
LIFECARE HEALTH LIMITED 2001-06-29
Commencement of Services from FHS/Sale of LifeCare Practice
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-07-06
Sale of two LifeCare physiotherapy franchises in Queensland
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-07-09
LifeCare hits all-time low after result
The West Australian September 14, 2001
Australian Franchises Conquer The World
Australian Financial Review October 3, 2001
Acquisition of Re-Start Consulting Pty Ltd
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-10-03
Sale of Life-Care Joondalup Dental Care
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-10-18
Results of AGM/Chairman`s Address & MD`s Presentation
LIFECARE HEALTH LIMITED Australian Stock Exchange 2001-11-21
LifeCare to speed up franchises
The West Australian November 22, 2001
Lifecare Still On Track
Australian Financial Review November 22, 2001
GBL`s ann: Expansion of Lifecare Health CellGen Trial
GENESIS BIOMEDICAL LIMITED Australian Stock Exchange
2001-12-19
Sale of Property & Dental Practice
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-01-17
Grant of 7 New Life-Care Franchises
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-01-17
Director Resignation
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-01-18
Final Director`s Interest Notice
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-01-21
Director Resignation/Appointment of Company Secretary
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-02-12
Final Director`s Interest Notice
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-02-19
Half Yearly Report & ASIC Half Yearly Accounts
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-03-15
Letter to Shareholders & Company Update
LIFECARE HEALTH LIMITED Australian Stock Exchange 2002-03-25
Web Page
History
This page created June 2002 by
Michael
Wynne
Updated and reformatted January 2006
