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Wakefield Health to change name to Acurity

Monday 16th July 2012

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Wakefield Health, the private hospital investor, will ask shareholders next month to approve a name change to Acurity Health Group and a 5 percent increase in the pool of directors' fees.

Wakefield has carried its name since it began with just one facility, Wakefield Hospital. Since then it has grown into an investor in hospitals across the North Island and the original name was less relevant to the enlarged group, it said. There has also been confusion about using the same branding for the group and the original hospital in Wellington, it said.

Separately, shareholders will be asked at the Aug. 3 meeting to approve an increase in the directors' fee pool to $420,000 from $400,000, the first rise in fees since 2008.

Shares of Wakefield last traded at $4.80, valuing the company at $82.8 million, and have declined 9.4 percent in the past 12 months.

In May, the company posted a 27 percent jump in full-year earnings as demand for ACC-funded surgery made up for flatter private revenue.

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