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NTC
NTC
NTC - Netcare Limited - Sale Of Units And Claims In Ampath Group
NETCARE LIMITED
(Co. Reg. No. 1996/004282/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare")
SALE OF UNITS AND CLAIMS IN AMPATH GROUP
Pursuant to a decision taken in 2006 to exit its 50% interest in the Ampath
Group, Netcare has signed an agreement to sell all its units in and claims
against Ampath Holdings Trust to a consortium of pathologists for an amount of
R1 026,5 million (1 billion and 26,5 million rand). The transaction is subject
to Competition Commission approval and is expected to be completed by the end of
February 2009.
Ampath provides comprehensive support services to various incorporated pathology
laboratory practices which provide pathology related services to healthcare
practitioners and their patients.
Netcare is disposing of its interest in the Ampath Group because it is
considered that the regulatory authorities are not in favour of corporate
involvement in pathology services.
The effective date of the agreement is 1 November 2008. The consortium of
pathologists have raised the financing necessary to complete the deal, with
approximately 40% of the financing being guaranteed by Netcare. The proceeds
from the disposal will be used by Netcare to retire a portion of its debt.
Shareholders are referred to Note 4 to the financial statements of Netcare as at
30 September 2008, as published on 24 November 2008 in the SENS announcement
relating to the Audited Group results for the year ended 30 September 2008,
which disclosed the following information relating to Netcare`s interest in the
Ampath Group:-
30 30
September September
For the year ended 2008 2007
Rm Rm
Disposal group and assets held
for sale
Assets held for sale
Assets in disposal group -
Ampath Holdings Trust 295 275
Liabilities in disposal groups
held for sale
Liabilities in disposal group
- Ampath Holdings Trust (81) (79)
Discontinued operation -
Ampath Holdings Trust
The Ampath Holdings Trust has been
classified as a disposal group
held for sale. Our 50% share of
the discontinued operation was as
follows:
Revenue 563 507
Other income 2
Administrative and other (426) (380)
expenses
Operating profit 139 127
Financial expenses (8) (7)
Profit before taxation
131 120
Taxation
(26) (11)
Profit for the year
105 109
30 30
September September
For the year ended 2008 2007
Rm Rm
The assets and liabilities of the
disposal group are as follows:
Property, plant and
equipment 71 54
Goodwill
72 72
Investments and loans
11 5
Inventories
10 8
Trade and other
receivables 116 76
Taxation receivable
6
Cash and cash
equivalents 15 54
Long-term debt
(10) (6)
Post-retirement
benefit obligation (9) (10)
Trade and other
payables (56) (57)
Taxation payable
(4)
Short-term debt
(2) (6)
The cash flows are as
follows:
Net cash from operating
activities (11) 74
Net cash from
investing activities (28) (32)
Net cash from (3)
financing activities
The disposal is categorised as a category 2 transaction and this announcement is
issued in terms Rule 9.15 of the Listing Requirements of the JSE Limited. The
transaction will be earnings neutral for Netcare.
11 December 2008
SANDTON
Sponsor: Merrill Lynch South Africa (Proprietary) Limited
Attorneys to Netcare: H R Levin - Attorneys, Notaries & Conveyancers
Date: 11/12/2008 17:12:19 Produced by the JSE SENS Department.
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