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The 36 year old Hibernian Friendly Society demutualised and then listed on the share market. It operates retirement villages and nursing homes and is expanding rapidly.
From Friendly Society to Share Market
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The 136 year old Sydney-based Hibernian Friendly Society owned three retirement villages and some nursing home beds in Sydney. It demutualised and named itself Aevum in 2002.
In 2004 it listed very successfully on the share market raising $10 million. Its share price climbed rapidly. A takeover bid was immediately launched by the troubled Primelife. Aevum rejected it rather scornfully. Primelife later bought a 6.6% holding from Westpac making it the second largest shareholder. In 2006 it increased this to 39.8%. This investment was split equally with a related entity PrimeLiving so avoiding the 20% trigger for a formal takeover. The two groups were planning to jointly develop their interests.
Forrester Kurts Properties (FKP) expressed an interest in the company but has not moved.
For more than 30 years, we have been providing retirement living and aged care services for Australian seniors. Our evolution has seen us build on our many past successes as the Hibernian Friendly Society (NSW) to emerge as AEVUM Limited, a company focused on our core strengths, providing the best in retirement living and aged care facilities.
Jun 2006 The story
Aevums beginnings stem back to 1868, when the Hibernian Australasian Catholic Benefit Society was established in Ballarat, Victoria to assist Irish Catholics with funeral and sickness benefits. The NSW district was established in 1880 and was known as the Hibernian Australasian Catholic Benefit Society of New South Wales. In 1998 the Society changed its name to Hibernian Friendly Society (NSW) Limited.
One of the companys core area of business has been the development and operation of retirement villages and aged care facilities. It opened its first village in Bexley in 1973, its second at Ashfield in 1977 and its third in Killara in 1981. In early 2005, Aevum acquired the Castle Ridge Resort at Castle Hill.
Hibernian was demutualised in 2002 and in May 2004 changed its name to Aevum Limited to better reflect its core focus - providing the best in retirement living and aged care options and enhancing the quality of life of residents. AEVUM is Latin for AGE and LIFE,
Service and Care Options
Depending on seniors needs, Aevum Limited offers five levels of care: (NOTE HEADINGS ONLY INCLUDED HERE)Independent living
Assisted Living (hostels / lodges)
Respite / temporary care
Aevum Company web page Accessed June 26, 2006
AEVUM -- formerly the Sydney-based Hibernian Friendly Society -- plans to raise $10 million from institutions in a public listing planned for mid-November.
Sept 2004 Demutualising and listing publicly
The 136-year-old entity yesterday changed its name to Aevum -- Latin for age and life -- to reflect its new focus on retirement villages and aged care rather than financial services.
Aevum, which demutualised two years ago, announced a net profit of $5million for the 2003-04 year, a turnaround on a previous $28,000 loss.
Aevum's current base consists of 6200 investors (former members), half of whom are aged 70 or older.
Mr Owen said Aevum was interested in expansion into Victoria, but was wary of the prices being paid for existing facilities.
Renamed Hibernian in $10m raising The Australian September 23, 2004
Aevum, which resulted from the demutualisation of the Hibernian Friendly Society in 2002, owns and operates three senior living communities comprising 405 retirement units and 201 aged care beds in Sydney. The company aims over the next 5 years to grow the number of retirement units and aged care beds it owns and operates to over 2,000.
Nov 2004 Growth
PRIMELIFE BIDS FOR NEWLY-LISTED AEVUM Australian Company News Bites November 17, 2004
TAKEOVER target and retirement village operator Aevum listed at a spectacular 72 per cent premium yesterday as its predator, Primelife, raised a further $60 million for the next round of industry consolidation.
Nov 2004 Lists and Primelife mounts failed takeover
Aevum shares, which were priced at 90c for the company's initial public offering, rocketed to $1.54.
In its first response to the bid, the Aevum board advised shareholders yesterday to take no action.
Aevum makes starry debut as Primelife hovers The Australian November 19, 2004
RETIREMENT village operator Aevum is in talks with Babcock & Brown-backed PrimeLiving Trust about jointly developing their interests in the retirement living and aged-care sector.
Mar 2006 Working with Primelife
PrimeLiving cashes in on Aevum The Courier-Mail March 22, 2006
Primelife's interest in Aevum remains at 16,363,535 (19.9%) and PrimeLiving's shareholding has increased from 10,812,114 (13.17%) to 16,363,535 (19.9%).
Primelife's holding in Aevum
PRIMELIFE SELLS 5.6M AEVUM SHARES TO PRIMELIVING TRUST Australian Company News Bites May 2, 2006
The news came as fellow aged care company Aevum Ltd revealed it was close to acquiring Moran Health Care Group's retirement village interests in NSW and Western Australia.
Jun 2006 Buying retirement villages from Moran
Primelife discusses new investment vehicle with Babock Australian Associated Press Financial News Wire22 June 22, 2006
RETIREMENT village operator Aevum plans to raise $20 million via an institutional placement to partly fund its $90 million purchase of Sakkara Living.
Jul 2006 Another purchase
Aevum raises $20m The Australian July 13, 2006
Aevum web site is at http://www.aevum.com.au/
For Updates:- A good way to check for recent developments in aged care is to go to the aged care crisis group's search page and enter the name of the company, nursing home or key words relating to any other matter in the search box. Most significant press reports are flagged there. The aged care crisis web site has recently been restructured and some of the older links used from this site may not work.
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This page created Sept 2006 by Michael Wynne