-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ah8aCaMpd9dRvVZpxQuGkkf3PzoardtslLItRawwpeFAIF81dYqYAJ7HHFvASfdi 0yk2mCDmTkSH61AXF7N4sw== 0000950123-11-021580.txt : 20110303 0000950123-11-021580.hdr.sgml : 20110303 20110303123246 ACCESSION NUMBER: 0000950123-11-021580 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20110303 DATE AS OF CHANGE: 20110303 GROUP MEMBERS: HEALTHINVEST ACCESS FUND GROUP MEMBERS: HEALTHINVEST GLOBAL LONG/SHORT FUND GROUP MEMBERS: HEALTHINVEST VALUE FUND SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NOVAMED INC CENTRAL INDEX KEY: 0001086939 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 364116193 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-58295 FILM NUMBER: 11659120 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE STREET 2: SUITE 1010 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126644100 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE STREET 2: SUITE 1010 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NOVAMED EYECARE INC DATE OF NAME CHANGE: 19990521 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Healthinvest Partners AB CENTRAL INDEX KEY: 0001381843 IRS NUMBER: 000000000 STATE OF INCORPORATION: V7 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: ARSENALSGATAN 4 CITY: STOCKHOLM STATE: V7 ZIP: SE-111 47 BUSINESS PHONE: 46 08 440 38 31 MAIL ADDRESS: STREET 1: ARSENALSGATAN 4 CITY: STOCKHOLM STATE: V7 ZIP: SE-111 47 SC 13D 1 y90050sc13d.htm SC 13D sc13d
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO §240.13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO §240.13d-2(a)
(Amendment No. _)*
NovaMed, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
66986W207
(CUSIP Number)
HealthInvest Partners AB
Biblioteksgatan 29
SE-114 35 Stockholm
Sweden
Tel. 011-46-8-440-38-31
With a copy to:
David G. Nichols, Jr., Esq.
Cahill Gambino LLP
405 Lexington Avenue, 7th Floor
New York, NY 10174
(646) 434-1661
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 28, 2011
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
 
 

 

 

                     
CUSIP No.
  
66986W207 
   Page  
2 
   of   
12 Pages 

 

           
1   NAME OF REPORTING PERSONS

HealthInvest Partners AB
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Sweden
       
  7   SOLE VOTING POWER
     
NUMBER OF   405,875
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   405,875
       
WITH: 10   SHARED DISPOSITIVE POWER
     
    0
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  405,875
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  5.1%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA, HC

 

                     
CUSIP No.
  
66986W207 
   Page  
3 
   of   
12 Pages 

 

           
1   NAME OF REPORTING PERSONS

HealthInvest Global Long/Short Fund
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Sweden
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   177,498
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER
     
    177,498
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  177,498
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  2.2%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

 

                     
CUSIP No.
  
66986W207 
   Page  
4 
   of   
12 Pages 

 

           
1   NAME OF REPORTING PERSONS

HealthInvest Value Fund
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Sweden
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   215,377
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER
     
    215,377
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  215,377
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  2.7%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

 

                     
CUSIP No.
  
66986W207 
   Page  
5 
   of   
12 Pages 

 

           
1   NAME OF REPORTING PERSONS

HealthInvest Access Fund
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Sweden
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   13,000
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER
     
    13,000
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  13,000
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  0.0%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

 

Item 1 Security and Issuer
The class of equity to which this statement relates is the common stock, par value $0.01 per share (the “Common Stock”), of NovaMed, Inc. (the “Company”), which has its principal executive offices at:
333 W. Wacker, Suite 1010
Chicago, Illinois 60606
Item 2 Identity and Background
The names of the persons filing this statement are HealthInvest Partners AB, a Swedish corporation (“HealthInvest Partners”), and HealthInvest Global Long/Short Fund, a specialty fund organized pursuant to the Swedish Investment Funds Act (“Global Long/Short Fund”), HealthInvest Value Fund, a specialty fund organized pursuant to the Swedish Investment Funds Act (“Value Fund”), and HealthInvest Access Fund, an undertaking for collective investments in transferable securities in accordance with the Swedish Investment Funds Act (“Access Fund” and together with Global Long/Short Fund and Value Fund, the “HealthInvest Funds;” each of which, together with HealthInvest Partners, is a “Reporting Person”).
HealthInvest Partners and the HealthInvest Funds are engaged in the business of investment management. HealthInvest Partners is the investment advisor and control person of each of the HealthInvest Funds, which hold securities of the Company.
The address of the principal office of each of the Reporting Persons is Biblioteksgatan 29, SE-114 35 Stockholm, Sweden.
During the last five years, none of the Reporting Persons has been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3 Source and Amount of Funds or Other Consideration
The Reporting Persons acquired the 405,875 shares of Common Stock to which this Statement relates with investment capital held by the HealthInvest Funds as follows:
(a) Global Long/Short Fund acquired 177,498 shares of Common Stock on the open market between November 9, 2009 and February 28, 2011 for a total consideration of $2,208,656. Value Fund acquired 215,377 shares of Common Stock on the open market between November 9, 2009 and February 28, 2011 for a total consideration of $2,349,059. Access Fund acquired 13,000 shares of Common Stock on the open market between February 4, 2011 and February 28, 2011 for a total consideration of $171,179.
The above amount of total consideration includes any commissions incurred in making the investments. The source of these funds was the investment capital of the Reporting Persons, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business.

 

 

Item 4 Purpose of Transaction
All of the shares of Common Stock reported herein were acquired for investment purposes, and were originally acquired without the purpose or effect of changing or influencing control of the Company. The Reporting Persons review on a continuing basis the investment in the Company. Based on such review and depending on the price and availability of the Company’s securities, the Reporting Persons may acquire, or cause to be acquired, additional securities of the Company, in the open market or otherwise, dispose of, or cause to be disposed of, securities of the Company, in the open market or otherwise, at any time, or formulate other purposes, plans or proposals regarding the Company or any of its securities, to the extent deemed advisable in light of general investment and policies of the Reporting Persons, the Company’s business, financial condition and operating results, general market and industry conditions or other factors.
As part of the ongoing evaluation of this investment and investment alternatives, the Reporting Persons and their affiliates may consider any or all of the following: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board of directors; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company’s business or corporate structure; (g) changes in the Company’s charter or bylaws or other actions which may impede the acquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action similar to any of those enumerated above.
In addition, from time to time, the Reporting Persons and their affiliates may hold discussions with the Company regarding the matters described in subparagraphs (a) through (j) above.
On March 2, 2011, Anders Hallberg, the Managing Director and CEO of HealthInvest Partners, sent a letter to the Board of Directors of the Company (the “Board”) expressing disappointment with the terms of the Agreement and Plan of Merger dated January 20, 2011 between Surgery Center Holdings, Inc., Wildcat Merger Sub, Inc. and the Company, and encouraging the Board to remain receptive to proposals that would be superior to the pending merger from a financial point of view. A copy of such letter is attached hereto as Exhibit 99.2 and incorporated by reference herein.
Item 5 Interest in Securities of the Issuer
(a) As of the close of business on March 1, 2011, HealthInvest Partners and the HealthInvest Funds were the beneficial owners of 405,875 shares of Common Stock, which constitute in the aggregate 5.1% of the outstanding shares of Common Stock of the Company, based on 7,957,731 shares of Common Stock reported as outstanding on Form 10-Q for the quarterly period ending September 30, 2010 filed by the Company.
(b) HealthInvest Partners has the sole power to vote, direct the voting of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above.
Each of the HealthInvest Funds has shared power to vote, direct the vote of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above. Such power is shared with HealthInvest Partners.
(c) Transactions in the Common Stock by the Reporting Persons effected in the last 60 days are as set forth in the table below. All such trades were made in open market transactions.
                         
Entity   Trade Date   Activity   Quantity     Average Price $  
Access Fund
   02/04/11   BUY     10,000       13.158  
Access Fund
   02/11/11   BUY     3,000       13.12  
Global Long/Short Fund
   01/11/11   SELL     (4,200 )     12.4289  

 

 

                         
Entity   Trade Date   Activity   Quantity     Average Price $  
Global Long/Short Fund
   02/15/11   BUY     26,200       13.1496  
Global Long/Short Fund
   02/16/11   BUY     20,000       13.1501  
Global Long/Short Fund
   02/17/11   BUY     16,298       13.1543  
Global Long/Short Fund
   02/18/11   BUY     46,200       13.2029  
Global Long/Short Fund
   02/25/11   BUY     26,100       13.1644  
Value Fund
   02/22/11   BUY     50,000       13.2  
Value Fund
   02/28/11   BUY     15,000       13.158  
(d) The Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock owned by them.
(e) Not applicable.
 
Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
None.
Item 7 Material to be Filed as Exhibits
99.1 Joint Filing Agreement
99.2 Letter dated March 2, 2011 from Anders Hallberg, Managing Director and CEO of HealthInvest Partners, to the Board of Directors of the Company.

 

 

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
DATE: March 2, 2011
HEALTHINVEST PARTNERS AB
By: /s/ ANDERS HALLBERG
Name: Anders Hallberg
Title: Managing Director and CEO
HEALTHINVEST GLOBAL LONG/SHORT FUND
By: /s/ ANDERS HALLBERG
Name: Anders Hallberg
Title: CEO of Managing Company
HEALTHINVEST VALUE FUND
By: /s/ ANDERS HALLBERG
Name: Anders Hallberg
Title: CEO of Managing Company
HEALTHINVEST ACCESS FUND
By: /s/ ANDERS HALLBERG
Name: Anders Hallberg
Title: CEO of Managing Company

 

EX-99.1 2 y90050exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
Joint Filing Agreement
The undersigned hereby agree that the Statement on Schedule 13D filed herewith (and any amendments thereto), relating to the common stock, par value $0.01 per share, of NovaMed, Inc., is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, on behalf of each such person.
March 2, 2011
         
 
  HEALTHINVEST PARTNERS AB    
 
        
 
  By: /s/ ANDERS HALLBERG
 

Name: Anders Hallberg 		   
 
  Title: Managing Director and CEO    
 
        
 
  HEALTHINVEST GLOBAL LONG/SHORT FUND    
 
        
 
  By: /s/ ANDERS HALLBERG
 

Name: Anders Hallberg 		   
 
  Title: CEO of Managing Company    
 
        
 
  HEALTHINVEST VALUE FUND    
 
        
 
  By: /s/ ANDERS HALLBERG
 

Name: Anders Hallberg 		   
 
  Title: CEO of Managing Company    
 
        
 
  HEALTHINVEST ACCESS FUND    
 
        
 
  By: /s/ ANDERS HALLBERG
 

Name: Anders Hallberg 		   
 
  Title: CEO of Managing Company    

 

EX-99.2 3 y90050exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
(LOGO)
March 2, 2011
Novamed Inc.
333 West Wacker Drive
Suite 1010
Chicago, IL 60606
To the Board of Directors of Novamed:
HealthInvest Partners AB and the HealthInvest Funds are among Novamed’s largest shareholders. We beneficially own, in the aggregate, approximately 5.1% of the Company’s outstanding common stock.
We are very disappointed with the terms of the merger with Surgery Center Holdings, Inc. that you recently approved. We believe the merger, if consummated, would destroy a substantial portion of the value of the Company’s common equity. It is certainly not in the best interests of your common stockholders. Let us explain.
We first looked at whether the proposed merger price represents an adequate premium to market. As you know, the Company’s common stock closed at $12.91 on the day before the merger was announced. In the merger, stockholders will receive $13.25 per share in cash, or approximately $105 million in aggregate, for the Company’s common equity. This is a premium of merely 2.6 percent to market — a merger price that in our view is far too low and utterly fails to reflect the intrinsic value of Novamed shares. Our research indicates this is one of the lowest premiums to market paid for an acquisition of a US healthcare company in the last five years.
When we reviewed other financial aspects of the transaction, our view was confirmed. For example, the merger price as a multiple of the Company’s free cash flow is inadequate. According to its recently filed financial reports, Novamed generated approximately $41 million in operating cash flow in 2010. This produced free cash flow of $23 million after amortization of investments in property and equipment and distributions to noncontrolling interests. Thus, the merger price of $105 million is a mere 4.6 times free cash flow, a multiple that seriously undervalues the Company’s business.
The transaction also fails to reflect the benefits available to Surgery Center from eliminating the costs to Novamed of remaining public, and potentially from reduction of overhead and other items of expense. But common stockholders will have no opportunity to participate in ownership of the combined business going forward. Accordingly, they should be compensated for these efficiencies with an appropriate cash merger price. In our view, they have not been.
HealthInvest Partners AB
Biblioteksgatan 29, SE-114 35 STOCKHOLM
Tel: +46 (0)8 440 38 30 Fax: +46 (0)8 440 38 39
info@healthinvest.se, www.healthinvest.se

 

 

(HEALTH INVEST LOGO)
March 2, 2011
Frankly, in the circumstances we do not understand how the Board’s financial adviser could have concluded that the terms of the merger are fair from a financial point of view to the Company’s common stockholders.
We also have a hard time understanding how the Board concluded the merger is in the best interest of its shareholders. On February 21, 2007, the day Thomas S. Hall was appointed Chairman of the Board, Novamed shares closed at $21.90. Now, nearly four years after his appointment, Mr. Hall and the Board are willing to sell all the Company’s shares at $13.25 to a private equity firm. We have to conclude that Mr. Hall and the Board have destroyed 39.5% of the Company’s value in just four years. For comparison, during the same period — one that included exceptional market turbulence — Nasdaq is up 6%, making it hard to blame the general stock market for Novamed’s abysmal performance or to provide any rationale for arranging a merger at a fire sale price to a private equity firm.
As matters stand, we do not intend to accept the proposed price of $13.25 and plan to vote NO to the merger agreement at the special meeting of stockholders. For the benefit of the Company’s common stockholders, we sincerely hope the Board will remain receptive to proposals that would be superior to the pending merger from a financial point of view.
Sincerely,
Anders Hallberg
Managing Director and CEO
HealthInvest Partners AB
Biblioteksgatan 29
SE-114 35 Stockholm
Phone: +46 (0)8 440 38 30
Fax: +46 (0)8 440 38 39
E-mail: anders.hallberg@healthinvest.se
Web: www.healthinvest.se
HealthInvest Partners AB
Biblioteksgatan 29, SE-114 35 STOCKHOLM
Tel: +46 (0)8 440 38 30 Fax: +46 (0)8 440 38 39
info@healthinvest.se, www.healthinvest.se

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