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LHC
LHC
LHC - Life Healthcare Group Holdings Limited - Proposed acquisition of
26% of the share capital of Max Healthcare Institute Limited
LIFE HEALTHCARE GROUP HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2003/002733/06
ISIN: ZAE000145892
Share Code: LHC
("Life Healthcare" or "the Company")
PROPOSED ACQUISITION OF 26% OF THE SHARE CAPITAL OF MAX HEALTHCARE
INSTITUTE LIMITED
1. Introduction
Shareholders are advised that the Company has entered into a non binding
term sheet with Max Healthcare Institute Limited ("MHC") for the
acquisition of 26% of the post-issue share capital of MHC ("the proposed
acquisition"). MHC, the leading private hospital provider in the Delhi-
NCR region, is a subsidiary of Max India, one of India`s leading multi
business corporates.
2. The proposed acquisition
2.1 Rationale
The proposed acquisition of 26% of MHC is in line with the Company`s
strategy to expand into fast growing emerging markets.
Terms of the proposed acquisition
The proposed acquisition is subject to the following conditions
precedent:
- definitive agreements being entered into between the two parties;
- a due diligence exercise to be performed by the Company;
- obtaining exchange control approval from the South African Reserve
Bank and any other regulatory approval that may be required; and
- approval by the boards of the Company and MHC.
2.3 The consideration
The proposed acquisition price is Rs 516.5 crore
(approximately R850 million) which will be settled in cash.
Life Healthcare will, subject to the consent of its lenders,
provide pro-rata guarantees for its proportionate share of the
debts of MHC currently guaranteed by Max India.
The proposed acquisition is, at this stage, not deemed to be material
enough for the Company to publish a cautionary announcement in terms of
the JSE Listings Requirements and further details relating to the
proposed acquisition will be released on SENS once available.
Illovo
11 October 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 11/10/2011 17:00:01 Produced by the JSE SENS Department.
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