Orion Health shareholders have voted overwhelmingly for a proposal to sell off its profitable Rhapsody division for $NZ205 million, with a share buyback to be staged next month followed by the company delisting from the Australian stock exchange.

Describing himself as “bitterly disappointed” by the failure of the company to deliver the big rewards once touted, Orion chairman Andrew Ferrier said the Auckland company would continue as a newly capitalised albeit smaller business, and those looking to sell up would receive a good price “in the context of where the Orion Health share price had found itself”.