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JSE HSI
GEN
HIS - Health Strategic Investments Limited - Unbundling Announcement
Health Strategic Investments Limited
(formerly Newshelf 776 (Proprietary) Limited)
(incorporated in the Republic of South Africa)
(Registration number: 2005/012471/06)
JSE share code: HSI ISIN: ZAE000146742
("Health" or the "Company")
UNBUNDLING BY HEALTH OF LIFE HEALTHCARE GROUP HOLDINGS LIMITED ("LIFE
HEALTHCARE") ORDINARY SHARES - APPORTIONMENT RATIO FOR SOUTH AFRICAN TAXATION
PURPOSES
1. INTRODUCTION
In the circular issued to holders of ordinary shares in Health ("Health
Shares") ("Shareholders") on Thursday, 28 October 2010 (the "Circular") and
the finalisation announcement published on the securities exchange news
service ("SENS") operated by the JSE Limited ("JSE") on Thursday, 2 December
2010, Shareholders were informed, inter alia, of the proposed unbundling by
Health of its entire 26.60% shareholding in the issued share capital of Life
Healthcare ("Life Healthcare Shares") to Shareholders (the "Unbundling")
recorded in the Company`s register as at the close of business on Friday, 17
December 2010 (the "Unbundling Record Date").
The Unbundling was effected by way of an unbundling transaction in terms of
section 46 of the Income Tax Act, 1962 (No. 58 of 1962), as amended ("the
Act"), and in compliance with Section 90 of the Companies Act (No 61 of 1973),
in the ratio of 1 Life Healthcare Share for every 1 Health Share held on the
Unbundling Record Date.
The purpose of this announcement is to notify Shareholders of the cost
apportionment ratio in which the expenditure incurred and/or the valuation of
the Health Shares must be allocated to the Life Healthcare Shares received in
terms of the Unbundling and the Health Shares for South African taxation
purposes (the "Apportionment Ratio").
2. APPORTIONMENT RATIO
The Health shares were suspended on the JSE`s trading system on Friday, 10
December 2010. Accordingly the net asset value of a Health Share on Friday,
17 December 2010 was used to determine the market value in order to calculate
the apportionment ratio for tax purposes (the "Health Share Market Value").
The ratio of the Health Share Market Value after the Unbundling and the market
value of an unbundled Life Healthcare Share on the JSE as at close of trade on
Friday, 17 December 2010 was 0.00025% relating to a Health Share held after
the Unbundling and 99.99975% relating to a Life Healthcare Share received in
terms of the Unbundling.
This Apportionment Ratio is to be used, after the Unbundling of the Life
Healthcare Shares, to apportion the expenditure incurred in respect of a
Health Share held. The expenditure must be apportioned between the Health
Share held after the Unbundling and the Life Healthcare Share received in
terms of the Unbundling, for purposes of determining the profits or losses, of
a capital or trading nature, derived on any future disposal of the Health
Share or Life Healthcare Share.
The indicative South African taxation considerations for Shareholders are set
out in Annexure 2 of the Circular. Shareholders are advised to consult their
own tax advisors should they have any queries regarding the taxation
consequences of the Unbundling and the calculation of their costs for taxation
purposes.
Newlands
21 December 2010
Merchant bank and sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Attorneys
Edward Nathan Sonnenbergs Inc
Date: 21/12/2010 16:16:01 Produced by the JSE SENS Department.
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