| Wed 15 Apr 2009, 7:32 | | AIP - Adcock Ingram Holdings Limited - Clarification announcement |
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AIP
AIP
AIP - Adcock Ingram Holdings Limited - Clarification announcement
Adcock Ingram Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2007/016236/06
Share code: AIP
ISIN: ZAE000123436
("Adcock")
CLARIFICATION ANNOUNCEMENT
On 9 April 2009 Adcock announced its firm intention to make an offer to acquire
the entire issued share capital of Cipla Medpro South Africa Limited. During
the webcast presentation that took place after the announcement was released,
Andy Hall, Chief Financial Officer of Adcock, referred to the "certain funds
events" summarised in the announcement dated 9 April 2009. The specific certain
funds events referred to are set out in summary form below:
"8.2.3 a reduction in the consolidated earnings before interest, tax,
depreciation and amortisation ("EBITDA") of Adcock for the most recently
completed rolling 12-month period (as set out in the most recent consolidated
management accounts of Adcock) to 90% or less of the pro forma EBITDA of Adcock
for the 12-month period ended 30 September 2008 of R1 073 214 000; and
8.2.4 a reduction in the shareholders` funds of Adcock ("NAV"), as determined in
accordance with International Financial Reporting Standards (as set out in the
most recent consolidated management accounts of Adcock), to 90% or less of the
NAV of Adcock as at 30 September 2008 of R1 628 391 000;"
Andy Hall commented, with reference to the item at 8.2.3 above, that "those of
you who look at us closely will remember that that was R1.073bn at the EBITDA
level. You will see our results posted in June, so we can tell you that it`s
unlikely that that`s going to happen."
With reference to the item at 8.2.4 above, Andy Hall commented "Clearly that
event is extremely unlikely, because we would need to be making losses for that
to happen."
15 April 2009
Midrand
Financial Adviser, Debt Adviser and Sponsor to Adcock
Deutsche Securities (SA) (Proprietary) Limited
Legal Advisers to Adcock
Read Hope Phillips Thomas & Cadman Inc.
Transaction Communication Adviser to Adcock
Brunswick South Africa Limited
Joint Debt Structurers and Mandated Lead Arrangers
FirstRand Bank Limited, acting through its Rand Merchant Bank division
Nedbank Limited, acting through its Corporate Banking division
Legal advisers to the Joint Debt Structurers and Mandated Lead Arrangers
Werksmans Attorneys Incorporated
Date: 15/04/2009 07:32:01 Produced by the JSE SENS Department.
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