Orion Health Group investors vented their frustrations at the software company's dismal performance as a listed company but signed off on plans to split up the business and return capital to shareholders.
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The decision was largely a fait accompli with enough proxy votes to pass the resolutions at the Friday meeting. The final tally released today showed 99.9 per cent in favour of the transaction and 99.8 per cent supporting the share buyback.
Orion will sell its Rhapsody unit to UK private equity firm Hg for $205 million, dilute its stake in the population health management (PHM) unit, and retain full ownership of its hospitals division. After capitalising the joint investments, the remainder of the funds will be used to buy back shares at $1.16 to $1.26 a share.
The shares rose 0.9 per cent to $1.08 on Friday and were unchanged today. They were issued to much fanfare at $5.70 in the 2014 initial public offering.