Wellington, Oct 8 NZPA - Abano Healthcare shareholders today voted in favour of the sale of the company's New Zealand audiology operations to National Hearing Care for $157.8 million.

Chairman Alison Paterson said the company would receive a capital profit of more than $70 million from the sale of Bay Audiology New Zealand.

That would be used to retire debt and make a capital return of about $53m to shareholders . The capital return would be made through the payment of a special early interim dividend, and through a voluntary pro rata share buyback and cancellation, she said.

For the six months to the end of November, Abano expected revenues in the range of $101m to $103m, earnings before interest, tax, depreciation and amortisation (ebitda) of $13m to $14m, and net operating profit of $3.1m to $3.7m, Mrs Paterson said.

The board also confirmed expectations that, following the audiology business sale, revenues for the 2010 financial year would be over $150m and ebitda over $20m.

Managing director Alan Clarke said Abano would concentrate on three of the healthcare sectors it was involved in. They were audiology in Australia and Asia, dental in this country and Australia, and radiology in this country.

Abano shares were unchanged on $6.45 around mid-afternoon, having ranged between $4.12 and $6.90 in the past year.