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Gribbles Group) to NMIG to Healthscope
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given or its owner. They are reproduced here for
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consider this to be "fair use" in the common
interest. They should not be reproduced for
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I have not included denials and explanations. I am
not claiming that the allegations are true. The
intention is to show the general thrust of
corporate practices as well as the nature and
extent of any allegations made.
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Revesco-MCS-Gribbles
Mayne
Health
A gold
mining company Kiwi Gold became Revesco and bought
into general practice, radiology, pathology and
ancillary services. It bought a 50% share of
Gribbles and was renamed Medical Care Services
(MCS), It did not prosper and Gribbles did a
reverse takeover in 2001. These businesses
continued to be a drain on Gribbles. They were sold
to a startup company in Jan 2004.
The Revesco Story
NB Gribbles Group:- This page previosly contained information about Gribbles Group which acquired MCS in 2001. Most but not all of the information not relating to MCS relatonship with Gribbles was transfered to a new Gribbles page in January 2006. A large amount of additional material was added. Older links to material about Gribbles may still bring you to this page.
Click Here if you are primarily
interested in Gribbles Pathology and its history of bitter conflict
with regulators.
For Update June
2009 Click
Here.
The New Zealand mining company Kiwi Gold went looking for money. It changed its name to Revesco and entered the health care market with the idea of capitalising on the control which GP's had over the health system.
This proved less lucrative than anticipated and Revesco left most of the General Practice field outside Western Australia to competitors. It bought 49% of Gribbles Pathology becoming primarily a pathology company. It changed its name to Medical Care Services (MCS). Its founder Ian Trahar seemed eager to disengage from health care and pursue other ventures. He negotiated a reverse takeover with the private company Gribbles. This left Gribbles CEO Wallace Cameron with a dominant 40% holding. The company was renamed Gribbles Group and the general practices became an unprofitabole subsidiary which was sold in 2004. Trahar sold down his holdings in Gribbles and eventually resigned from the board.
This page examines Revesco and MCS. The Gribble group, its disturbing practices and its controvercial CEO Wallace Cameron are examined on another page.
The Company was incorporated in Auckland in January 1987 as Kiwi Gold NL in order to acquire, explore and eventually develop gold and other mineral deposits. It changed its name to Kiwi Gold Limited in 1989, to Revesco Limited in November 1997 and to Medical Care Services Limited in November 2000. It adopted its present name (Gribbles) in July 2001.
2002 History
The Gribbles Group Limited. Jobson's Yearbook October 31, 2002
The New Zealand company Kiwi Gold, precursor of Revesco was registered in New Zealand and Australia in 1987. It operated as a mining company during the 1980's and most of the 1990's. It operated a stone quarry in Western Australia. At one time it must have done well as Revesco's chairman, Ian Trahar apparently made his money by investing in the company. It was still investing in mining in January 1995, but mining's profitability was falling. It started divesting in July 1995. By 1996 it was looking around for somewhere else to make money. It even considered investing in the pearling industry in Western Australia, Vietnam and the Middle East. A project to invest in mining in West Africa fell through when the gold index fell in late 1997. The company suffered in the Asian crisis in 1998.
Three years ago, the company was a defunct gold miner called Kiwi Gold.
2000 History
Corporate Medicine, Business Review Weekly 29 September 2000
It clearly was not doing well. The Company had a market cap of only A$5m. Ian Trahar, who like Mayne's Peter Smedley received his business training in Shell took a 24.4% stake in Kiwi Gold and emerged as Chairman of the Company. It changed its name to Revesco in November 1997. This was accompanied by new management and a further move away from mining in Australia and New Zealand. In March 1998 Revesco bought a large holding in the telecommunication company Pracom. This listed on the stock exchange in December 1998.
In its current phase, the corporatisation of medicine is being driven by a couple of sharp-eyed Western Australian entrepreneurs and investors. Ian Trahar, chairman of Revesco, has a long list of previous businesses but most have been a long way from health care. Over the years, his interests have included forestry (he was chairman of Australian Blue Gums), mining (chairman of Ranger Minerals and Mincoa), technology (director of Pracom) and business systems (director/shareholder in Kalamazoo Holdings).
2000 The Trahar story
Corporate Medicine, Business Review Weekly 29 September 2000
When it decided to switch to health care in April 1999 Revesco sold most of the Pracom holding, making a $10 million profit. Only months earlier Revesco chairman, Ian Trahar had promoted this as a long-term investment. Something or someone likely had offered him an opportunity to make even more money. Revesco gradually sold its remaining mining holdings.
"Revesco Limited ("Revesco") advises that it intends to change its business direction by investing in the medical services industry".
1999 Moves to health
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT, 30 June 1999
"The company's key objective is to maximise returns to its shareholders."
2000 But profit first
CORPORATE STRATEGY -- REVESCO, <http://www.revesco.com.au/> January 19, 2000
By 1999 the Australian government's plans to use established multinational health care companies to "reform" our health system had crumbled. All likely candidates were involved in scandals of one sort or another. Sun Healthcare was limping towards bankruptcy in Australia and the USA.
Revesco was looking for somewhere to make money and entered the health care vacuum. It had no past history in the health system. Its prime interests were commercial - to make money. It received strong support from the market and its market capitation which had risen from $5 million in 1997 to $42.39 million in June 1999 jumped to $207.34 million by December 1999. Major banks bought into the company. The market and their government supporters clearly believed that health care was ripe for exploitation and Revesco seemed to be the vehicle for this.
Formerly known as Kiwi Gold, Revesco's 49.9 per cent stake in Gribbles Pathology, funded through a $67.1 million rights issue, has prompted AMP, Colonial, Bankers Trust and Mercantile Mutual, to take stakes of more than 5 per cent each.
1999 Big investors in float
Rush on Revesco, Australian Financial Review October 9, 1999
Revesco adopted the new corporate heaslthcare model. This saw GP's as the key to success. By securing their loyalty and allegiance they would sell all sorts of ancillary services to the doctors and their patients. The primary consideration was not the needs of patients but the market that they could create by finding things to sell to the GP's.
To this end Revesco bought out the Malaysian Berjaya Group's interest in Gribbles. This gave them a 50% holding in the fifth largest pathology services provider in Australia, Gribbles Pathology. In addition to pathology Gribbles provided a range of additional services to GP's. This purchase included a large holding in Gribbles Malaysia.
At the same time Revesco entered into a $4 million deal with the Perth group Spectrum Medical Services and its subsidiary, Total Care Australia. Both provided services to GP's and ran medical centres. Four months later Revesco bought Spectrum making it a wholly owned subsidiary. Spectrum embarked on an expansion program buying up medical centres and general practices.
Gribbles did not operate in Western Australia. To further its program of servicing Perth's GP's Revesco bought a Perth radiology business, Westminster Radiology and then in November 1999 the Perth-based General Pathology Laboratories Group. It bought the Perth Surgicentre, a day care surgical centre from Alpha Healthcare.
Almost all Revesco's operations were now in Australia and in November 1999 it formally moved its domicile from New Zealand to Western Australia.
Principal Mutual Holding Company, BT Funds Management and Colonial all increased their investment in Revesco. Deutsche Australia joined the investors.
Gribbles has a significant interest in the Victorian and South Australian pathology markets as a service provider via an extensive network of pathology collection centres and laboratories for the collection and processing of human and veterinary pathology tests. In addition Gribbles carries on the businesses of radiology, cardiology, audiometry, lung function tests, environmental testing, and provides logistical support to a number of medical practices in Victoria.
1999 Gribles and Spectrum investments
---------------------
The Company has also entered into an agreement with Spectrum Medical Services Pty Ltd and its subsidiary, Total Care Australia Pty Ltd ("Spectrum") upon terms that will provide funding to enable Spectrum to further grow its interests in the medical services industry.
-----------------------
Spectrum will apply the funding to consolidate and further expand its interest in the medical services industry covering areas such as the consolidation of existing medical practices into new medical centres and associated infrastructure.
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT, 30 June 1999
Revesco will emerge with a 49.9 per cent stake in Gribbles Australia, bought from Malaysia's Berjaya Group, and a 35 per cent interest in Gribbles Malaysia.
1999 Gribbles holding
Revesco Pins Faith, $75m On Pathology The West Australian August 7, 1999
The acquisition of the Perth Surgicentre further compliments the Company's move towards offering a total service to general practitioners and specialists, who provide services to patients through the Company's network of medical centres.
1999 Perth Surgicentre
Company announcement, 23 November 1999
- - - - the Company is, effective from 21 December 1999, a registered Western Australian company under the Australian Corporations Law. The Company will be included on the Australian Stock Exchange as an Australian Company from 22 December 1999, this is now the Company's primary listing.
1999 Moves from NZ to Australia
Australian Stock Exchange Limited December 22, 1999
TCA (subsidiary Total Care Australia) continues to evaluate paramedical service opportunities that can complement the range of services being provided at its medical centres. These opportunities include both acquisition and possible joint venture arrangements.
2000 Growth in WA
Chairman's Half Yearly Report 15 March 2000
The company is continually examining ways to expand its interest in the medical arena and a great amount of time, effort and cost is being focussed on the identification of add-on services that can be supplied to medical practitioners and the general public.
2000 Expanding
Half Yearly Report 15 March 2000
REVESCO has delivered its first result since becoming a medical services player, posting a $152,000 net loss for the December half.
2000 First loss
Sector Shift Takes Toll On Revesco The West Australian March 16, 2000
During 1999/2000, the Company completed some 25 acquisitions in the medical services field covering general practice, diagnostic services, occupational health and day surgery. The investment expenditure for the year totalled $93.5 million with the most significant being the investment in the Gribbles Pathology Group. Additional growth included acquiring radiology interests in September 1999 and March 2000; acquiring a day surgery in December 1999; and acquiring five medical centres in September 1999, one medical centre in October 1999, one centre in February 2000, three centres in March 2000, one centre in May 2000, and three centres in June 2000.
2002 Review of acquisitions
The Gribbles Group Limited. Jobson's Yearbook October 31, 2002
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In late 1999 and early 2000 there was speculation that Mayne Nickless would mount a takeover of Revesco. When Mayne's shares collapsed in 2000 reports indicate that Revesco was among a group interested in acquiring and breaking up Mayne Nickless.
While Gribbles operated in the southern states Revesco's GP empire was largely restricted to its 10-12 medical centres in Perth. Revesco reported a loss from this GP services program in 1999.
Revesco, another entrepreneurial company based in Perth, has about 150 general practitioners under contract in its medical centres.
2000 Number GPs
Corporate Medicine, Business Review Weekly 29 September 2000
In November 2000 Revesco changed its name again, this time to Medical Care Services (MCS). By this time Foundation Healthcare and Endeavour Healthcare were in open competition buying up General Practices across Australia. MCS (Revesco) seems to have developed some doubts about the business philosophy and did not join the costly GP buying spree in eastern states. It had been in the business longer. Perhaps it realised that the model was not working well.
Expansion of its radiology presence in WA via the acquisition of two strategically placed radiology businesses. There are now three distinct business units with annualised revenues of $5.5m. The radiology businesses made a positive EBITDA contribution for the year.
2001 Radiology
------------------------------
The new medical centre developments in WA as well as the highly competitive environment continued to adversely affect the overall operating performance and as a result the medical centres failed to positively contribute to EBITDA for FY01.
Preliminary Final Report. Australian Stock Exchange Company Announcements September 17, 2001
The private company Gribbles was making money. Revesco/MCS a listed company merged with unlisted Gribbles in March 2001. By merging Gribbles into MCS and then changing the name of MCS to Gribbles Group, Gribbles acquired MCS and became market listed wthout having to float. It was a reverse takeover by Gribbles. Gribbles CEO Wallace Cameron now owned 40%. He became CEO and controlling shareholder. Ian Trahar moved on to greener pastures gradually selling down his holding. He resurected his old company Revesco and went looking for market opportunities elsewhere.
Medical Care Services: Perth-based public company providing a back-door listing for Gribbles Pathology Group. MCS subsidiary Total Care Services has 15 general practice medical centres in Perth and its own radiology assets.
2001 Back door listing for Gribbles
Medical Corporates Sing A Siren Song To Harassed Doctors The Age April 7, 2001
In September 2001 the magazine Shares described the group as barely profitable but remained optimistic. There was press speculation that Gribbles/MCS would abandon the GP corporatisation model entirely and sell off this business. By now there were few buyers. The MCS subgroup was never profitable and was eventually sold to a new company National Medical and Imaging Group (NMIG) in August 2004.
Total Care Services, a radiology and general practice operation owned by MCS, is expected to be off-loaded to make the new merged entity totally involved in pathology
2000 Wanting to sell GP's but no sale
$192m gets Trahar all of Gribbles, The West Australian March 27, 2000
The Group has continued to restructure the operations of its Medical Centres in Western Australia, a number of underperforming centres have been closed and others merged. Where ever possible additional General Practitioners have been attracted to increase service levels from under resourced centres.
2002 Still underperforming
The Gribbles Group Limited (GGL.AX) Report from Directors. Australian Stock Exchange Company Announcements March 15, 2002
Gribbles' medical centres lost $500,000 on revenue of $15 million; - - - -
2002 More losses
A sick business. Business Review Weekly 3 October 2002
Gribbles Group has been looking for a buyer for its medical centres for more than a year. - - - - - - the centres are said to have achieved a modest $300,000 profit.
2003 Still looking for a buyer
Bulk profits. Business Review Weekly March 20, 2003
The medical centre component of Melbourne-based Gribbles looks close to posting its first net profit in five years - - - .
2003 First profit
FOR RICHER FOR POORER; BIG CORPORATES AND GENERAL MEDICAL PRACTICES Australian Doctor (News Bites Summary) November 7, 2003
The National Medical and Imaging Group has bought the 26 medical centres, day surgery facility and 14 radiology clinics from Gribbles. These facilities are located in Melbourne and Perth.
2004 Sold to NMIG
As part of the transaction, Gribbles will acquire a 25 per cent shareholding in the subsidiary of The National Medical and Imaging Group that owns the medical centres.
Gribbles Group sells non-core assets for $14m Ralph Wragg Australian Business News January 30, 2004
Ian Trahar moved on to other ventures including Gold Exploration. He sold down his holding in Gribbles. He resigned from Gribbles board in March 2003
Interests associated with Christopher Cooper, a Gribbles executive director, and Ian Trahar sold a little more than 11 million shares, or nearly 3 per cent of the issued shares.
2001 Trahar sells down
Sale Of 11 Million Shares Just What The Doctor Ordered The Age Novovember 10, 2001
The Gribbles story started in 1936, continued with disturbing controversies in the 1990s, spectacular growth in the early 2000s, and a rapid demise amid further controversy in 2004. Healthscope bought Gribbles in 2004 and the architect of most of the controversy its CEO Wallace Cameron spent his lucrative profit buying luxury properties.
Click Here to go to the Gribbles page
General Practices seemed no more attractive to Gribbles. It sold off its GP practices to a new group called NMIG formed by the past managers of Endeavour Healthcare. It retained 25% interest in order to secure thye flow of referrals to its businesses.
Gribbles did not do well and was acquired by Healthscope. Healthscope became interested in General Practice again. It bought NMIG in November 2007 and has been expanding the business since.
Kiwi gold takes bigger
stake
The West Australian January 25, 1995
Kiwi Gold says in its annual report
The West Australian July 7, 1995
QUARTERLY REPORT TO 31 DECEMBER 1995
http://www.charm.net/~lordhill/comps/kiwigold.htm
Considered Pearling industry
COURIER-MAIL November 28, 1996
Paige puts egg on lunchtime leer
The West Australian April 26, 1997
Kiwi boost to General Gold
The West Australian September 26, 1997
Broker Quits General Gold Issue
Australian Financial Review November 10, 1997 Monday
REVESCO LIMITED (Formerly Kiwi Gold Limited) CHAIRMAN'S
REVIEW of 1998
Company Report
REVESCO LIMITED TO ACQUIRE UP TO A 50% INTEREST IN THE PRIVATELY
OWNED, MELBOURNE BASED PRACOM GROUP OF COMPANIES
ANNOUNCEMENT OF HEADS OF AGREEMENT 13 March 1998
Pracom Lists On ASX With Hybrid Hopes
Australian Financial Review December 15, 1998
Investors scramble for Pracom shares
THE AUSTRALIAN December 16, 1998
Investor reaps $3.24m from Pracom debut
The West Australian December 16, 1998
RE: SALE OF PRACOM LIMITED SHARES AND OPTIONS
REVESCO LIMITED REPORT 8 April 1999
Revesco clears $A10m from Pracom sell-down
The West Australian April 13, 1999
Shares soar on Trahar bid talk
The West Australian June 5, 1999
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT
REVESCO LIMITED 30 JUNE 1999
RE: SALE OF GENERAL GOLD NL SHARES
REVESCO LIMITED 1 July 1999
REVESCO DITCHES MINES FOR MEDICINE
The West Australian July 2, 1999
Revesco shares hit 6-year peak
The West Australian July 24, 1999
Major Investment in Gribbles Pathology Group
REVESCO LIMITED 6 August 1999
Profit-making: it's in the blood
SYDNEY MORNING HERALD, August 16, 1999
RVS - Gribbles Pathology Group Settlement
Australian Associated Press September 15, 1999
Fund Moves
Australian Financial Review September 25, 1999
Rush on Revesco
Australian Financial Review October 9, 1999
Investment-ST_CLM-Street Talk
Australian Financial Review October 13, 1999
A RENOUNCEABLE RIGHTS ISSUE OF TWO NEW SHARES AT A PRICE OF A$0.18
EACH FOR EVERY THREE SHARES HELD TO RAISE A$29,577,134
PROSPECTUS 15 October 1999
RE: REVESCO ACQUIRES SPECTRUM MEDICAL SERVICES
REVESCO LIMITED 22 October 1999
Revesco's option take up lifts WA profile
The West Australian October 26, 1999
Becoming a substantial shareholder
Australian Associated Press October 26, 1999
RE: REVESCO LIMITED ANNOUNCES ACQUISITION OF GENERAL PATHOLOGY
LABORATORIES
REVESCO LIMITED 9 November 1999
Revesco continues with its pathological buying spree
The West Australian November 10, 1999
Revesco raises $A19.5m for buys
The West Australian November 17, 199
Results of Special Meeting
Australian Associated Press November 22, 1999
RE: ACQUISITION OF PERTH SURGICENTRE
REVESCO LIMITED 23 November 1999
Significant Profit as Alpha sells Perth Surgicentre
Australian Associated Press November 23, 1999
RE: CHANGE IN DOMICILE
REVESCO LIMITED 22 December 1999
RVS - Change in substantial shareholding
Australian Associated Press December 22, 1999
Fund Moves
Australian Financial Review December 24, 1999
CORPORATE STRATEGY -- REVESCO
<http://www.revesco.com.au/> 19/1/2000
MARGIN CALL
The Australian February 1, 2000
MAYNE NICKLESS CIRCLES REVESCO
The West Australian February 3, 2000
Scalpels out as Mayne Nickless shares tumble
The Age 7 February 2000
CENTRES SPRING UP AS HEALTH SECTOR BOOMS
The West Australian February 19, 2000
Mayne chancers
The Australian 1/3/00
Company News :: Becoming a substantial shareholder from DBA
AUSTRALIAN ASSOCIATED PRESS March 1, 2000
Revesco denies talks on pathology play
The West Australian March 2, 2000
Price Fall Puts Focus On The Mayne Game
Australian Financial Review 03/11/2000
RE: HALF-YEAR ANNOUNCEMENT Chairmans report
REVESCO LIMITED 15 March 2000
Sector shift take toll on Revesco
The West Australian March 16, 2000
Half Yearly Report
AUSTRALIAN ASSOCIATED PRESS March 16, 2000
Substantial Shareholders
Revesco Limited March 2000
Fund Moves
Australian Financial Review March 25, 2000
Double boost propels Revesco
The West Australian March 25, 2000
Substantial Shareholders
Revesco Limited 28 March 2000
Mayne Dismisses Talk Of Demerger
The West Australian 04/01/2000
Fund Moves
Australian Financial Review April 8, 2000
Takeover talk boosts Mayne Nickless
The Australian May 3, 2000
Day trader ::: Mayne manifestations
The Australian May 18, 2000
Owning The Whole Kit And Caboodle
Australian Financial Review May 24, 2000
Gribbles set to expand to India
The West Australian May 25, 2000
Mayne numbers shock investors
The Australian June 1, 2000
A questionable practice
The Weekend Australian June 3, 2000
Dalziel Ready To Take His Mayne Chance
Australian Financial Review 06/19/2000
Mayne chance for full recovery
The Australian 1 July 2000
Revesco on hunt for acquisitions
The West Australian September 13, 2000
Corporate Medicine
Business Review Weekly 29 September 2000
REVESCO SHARES STRUCTURE CHANGES
The West Australian September 30, 2000
Revesco rules out Gribble as Mayne hovers
The West Australian October 28, 2000
Mayne Sells Logistics For A Sterling Price
Australian Financial Review 11/02/2000
Warburg Misses The Mayne Gig
Australian Financial Review 11/21/2000
Classic Pacman Attack On AHC
Australian Financial Review 11/23/2000
Smedley's Prescription For AHC
Australian Financial Review 11/25/2000
CIM Wins Week's Mover And Shaker Title
Australian Financial Review December 15, 2000
GP body tackles health players
The West Australian March 12, 2001
Investment-ST_CLM-Street Talk; Pg.2 :::: MCS on the rise
Australian Financial Review March 19, 2001
MCS Gathers In Gribbles
Australian Financial Review March 20, 2001
MCS buyout
Australian Financial Review March 23, 2001
Pathology players settle on $200m deal
The West Australian March 23, 2001
The Gribbles Group Limited.
Jobson's Yearbook October 31, 2002
Resignation of Director
Australian Stock Exchange Company Announcements April 1,
2003
Web Page
History
This page created June 2002 by
Michael
Wynne
Modified and reformatted Jan 2006
