Millenco owns 8.6% of VistaCare following share purchase

By Lisa Kerner

Charlotte, N.C., Nov. 16 - VistaCare, Inc. investors led by Millenco LLC bought 330,150 shares of the company's stock between Sept. 19 and Nov. 15, boosting its stake in the company to 8.6%.

The shares were priced from $6.79 to $7.00 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Millenco beneficially owns 1,449,656 shares of the Scottsdale, Ariz.-based hospice service provider.

In June, VistaCare announced a restructuring plan aimed at generating annual net savings of $29 million by the fiscal fourth quarter ending Sept. 30, 2008. The plan was created with assistance from RA Capital Advisors and has an estimated cost of $5 million over the next five to six quarters.

As previously reported, VistaCare said it would also continue to "aggressively pursue" strategic alternatives.

The company had announced it may consolidate, close or sell nine of its 51 hospice programs and one of its four in-patient units.

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