Since taking his company public in late 2014 Paul Parmar, chief executive and major shareholder of Constellation Healthcare Technologies (CHT), has been vociferous in his assurances that the company is ideally placed to benefit from a shift in the US healthcare billing system. In order to build a strong footprint in that fast-growing market CHT has returned to shareholders three times to raise a total of £52.5m at an average 145p a share.
But now Mr Parmar wants his company back. He has teamed up with private equity group CC Capital Management and offered Aim shareholders 293ȼ (236p) in cash and 43ȼ in promissory notes for their shares. The promissory notes will gather interest at a rate of 5 per cent every year and mature seven years after the buyout. CHT needs 89 per cent of shareholders to approve the deal or will face impairment charges from CC Capital of $10m.
