ENL - Enaleni - Concludes disposal of bioharmony a
ENL
ENL
ENL - Enaleni - Concludes disposal of bioharmony and muscle science businesses
Enaleni Pharmaceuticals Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/018027/06)
JSE code: ENL ISIN: ZAE000067740
("Enaleni")
ENALENI PHARMACEUTICALS LIMITED CONCLUDES DISPOSAL OF BIOHARMONY AND MUSCLE
SCIENCE BUSINESSES
1 Introduction
Shareholders are advised that Enaleni has concluded two Sale of Shares and
Claims Agreements effective 30 November 2007 with Arcay Merchant (Proprietary)
Limited ("Arcay"), the corporate advisors to Wellco Health Limited ("Wellco").
Arcay will purchase all the shares in, and claims against, including the
Intellectual Property, of Aldabri 53 (Proprietary) Limited trading as Muscle
Science ("Muscle Science") (of which Enaleni owns 67%) and Bioharmony
(Proprietary) Limited ("Bioharmony") ("the disposals"). It is Arcay`s intention,
following the successful restructuring of Wellco as announced on SENS on 25
October 2007, that these companies will be acquired by Wellco.
2 Consideration
The consideration payable for the disposals are R26.6 million for Bioharmony and
R8.6 million for Enaleni`s 67% shareholding in Muscle Science, which is to be
settled in cash.
3 Conditions Precedent
There are no outstanding conditions precedent to the disposals.
4 Financial Effects
There will be no material effect on earnings, headline earnings, net asset value
or net tangible asset value per share.
This concludes the disposal of our non-core assets in line with the Group`s
strategy of focusing on pharmaceuticals.
Durban
19 November 2007
Investment bank and sponsor
Nedbank Capital
Attorneys to Enaleni Pharmaceuticals Limited
Deneys Reitz
Date: 19/11/2007 09:08:12 Produced by the JSE SENS Department.
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