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October Update from AIM Journal


Totally health coaching expansion plans attract new institutional investors Bob Holt has wasted no time in changing the Totally board since he took over as chairman from Dr Michael Sinclair in September. His arrival coincided with a subscription that raised £1.05m at 17.5p a share following a tenfor-one share consolidation – and brought in new institutional shareholders, including Miton, Livingbridge, Unicorn and Seneca Partners, to back plans for expansion of Totally’s health coaching business. Holt is chairman of fully listed housing maintenance and home care provider Mears, which is one of the only companies that started on AIM and has grown its annual dividend so that is more than the original flotation price. Totally has been quoted nearly as long as Mears and it has a much less successful track record but the rollout of the clinical health coaching services business could change its fortunes and make it a sustainably profitable business. The service provides one-to-one coaching from a nurse which helps a patient selfmanage their condition. Hospitals benefit by saving money on unscheduled admissions. A number of hospitals have already signed up for this service. Andrew Margolis has stepped down as chief operating officer of Totally and Jack Clipsham, who joined the board in November 2014, has resigned as a nonexecutive director. Tony Bourne, a former chief executive of the British Medical Association and director of a number of healthcare companies has joined the board. This experience will help Totally extend its customer base from the NHS and develop business-to-business and direct-to-consumer operations. The consumer offering will initially target people with diabetes and COPD. Holt, who subscribed for 600,000 shares, has agreed not to draw any director's fees until Totally is generating annualised EBITDA of £1m. From then on he will receive £3,000 each month. Totally reported EBITDA losses of £69,000 in the first half of 2015 and £430,000 in 2014. Acquisitions are likely in order to build up the scale of the business and that would help Totally reach an EBITDA profit of £1m much faster than it would organically.



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