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NTC
NTC
NTC - Netcare Limited - Notification Of Intent By Netcare`s Partners In General
Healthcare Group Limited (UK) ("GHG") To Prepare For A Possible Initial Public
Offering And Listing Of The Operating Division Of GHG ("OPCO") On The London
Stock Exchange ("LSE")
NETCARE LIMITED
(Co. Reg. No. 1996/004282/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare")
NOTIFICATION OF INTENT BY NETCARE`S PARTNERS IN GENERAL HEALTHCARE GROUP
LIMITED (UK) ("GHG") TO PREPARE FOR A POSSIBLE INITIAL PUBLIC OFFERING AND
LISTING OF THE OPERATING DIVISION OF GHG ("OPCO") ON THE LONDON STOCK EXCHANGE
("LSE")
Netcare shareholders are reminded that, in accordance with the terms of the
partnership agreement that governs the relationship amongst Netcare and its
partners, (being funds advised by Apax Partners Worldwide LLP, London & Regional
Properties and funds advised by Brockton Capital LLP, (collectively the "Other
Partners") in GHG in the United Kingdom), the Other Partners have the right at
any time after a period of three years to exit their investment, including by
way of the right to call for an Initial Public Offering of GHG on the LSE.
Pursuant thereto, Netcare shareholders are advised that the Other Partners have
formally notified Netcare of their right to pursue an Initial Public Offering of
OpCo on the LSE.
While the partnership agreement prescribes certain processes that must be
followed and minimum conditions that must be satisfied in pursuit of the IPO,
there are many factors that require review and consideration. Netcare will
follow the provisions of the partnership agreement and work with GHG`s
management and the Other Partners to endeavour to facilitate the listing of OpCo
on the LSE. Netcare will retain its majority interest.
Public markets in the UK and elsewhere have been and remain volatile.
Accordingly, the Other Partners may elect not to proceed with the GHG listing at
any stage during this process.
OpCo is the leading provider of private acute care in the UK, with a national
network of 57 hospitals operating under the BMI Hospitals brand name. Netcare
acquired a controlling majority interest in the GHG Group in May 2006 as part of
a consortium along with the Other Partners. The GHG Group operates through an
operating company ("OpCo") and a property company ("PropCo"). PropCo leases the
facilities to OpCo under long-term leases and will remain unaffected by a
listing of OpCo.
Johannesburg
8 December 2009
Sponsor
Nedbank Capital
Date: 08/12/2009 13:00:24 Produced by the JSE SENS Department.
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