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The Trendlines Group Ltd. (“Trendlines“) is pleased to announce the 100% acquisition (“Acquisition“) of its 26.9%-owned (fully diluted) portfolio company, OrthoSpin Ltd. (“OrthoSpin“), by Synthes GMBH (part of DePuy Synthes, the Orthopaedics company of Johnson & Johnson) for a total of US $79.5 million in cash, payable in full upon closing. The total net proceeds for Trendlines from the Acquisition will be US$15.8 million after expenses, representing a 165% internal rate of return (IRR) on Trendlines’ total cash investment in OrthoSpin of US$1.3 million.
The fair value of Trendlines’ holdings in OrthoSpin was approximately US$ 6.6 million as of 30 June 2021. The Acquisition will have a material positive impact on the net tangible assets per share and earnings per share of Trendlines for the financial year ending 31 December 2021. For the financial year ending 31 December 2021, Trendlines will report a US$9.2 million gain from the Acquisition; this is in addition to the increased value in the holding of OrthoSpin in H1 2021 of US$3.9 million.
OrthoSpin’s auto...
