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MVG
MVG
MVG - Mvelaphanda Group Limited - Disposal of its remaining interest in Life
Healthcare Group Holdings Limited
Mvelaphanda Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/004153/06
Ordinary share code: MVG
Ordinary share ISIN: ZAE000060737
("Mvela Group" or "the Company")
DISPOSAL OF ITS REMAINING INTEREST IN LIFE HEALTHCARE GROUP HOLDINGS LIMITED
("Life Healthcare")
1. THE TRANSACTION
Shareholders of Mvela Group are advised that the Company has disposed
of its remaining interest in Life Healthcare through two separate
disposal transactions ("the Disposals").
Mvela Group disposed of 7 749 921 ordinary shares in Life Healthcare
for R192 775 812.00 during the period 5 April 2012 to 12 April 2012, on
the open market, for a total cash consideration of R192 775 812.00
("the Open Market Disposal").
In addition, the collar option transaction entered into with a
commercial bank as reported to shareholders on SENS on 21 July 2011,
consisting of 7 000 000 ordinary shares in Life Healthcare was effected
on 4 April 2012 for a total cash consideration of R135 366 329.12, as
opposed to the deemed value of R122 500 000 previously announced ("the
Collar Transaction Disposal").
Even though the Collar Transaction Disposal was previously reported as
if it had been effected, for the sake of prudency the details and the
financial effects of the Collar Transaction Disposal have been included
in the announcement.
2. BUSINESS CARRIED ON BY LIFE HEALTHCARE
Life Healthcare is a leading private hospital operator in South Africa.
3. RATIONALE
The Disposals are part of Mvela Group`s value unlocking strategy in
order to realise value for its shareholders.
4. APPLICATION OF PROCEEDS
The sale proceeds will be utilised in the most appropriate manner as
determined by the board.
5. CONSIDERATION RECEIVED
The total cash consideration received in respect of the Disposals was
R328 142 141.12.
6. JSE LIMITED ("JSE") CATEGORISATION
The Collar Transaction Disposal has previously been categorised in
terms of the JSE Listings Requirements. The Open Market Disposal is
categorised in terms of the JSE Listings Requirements as a category 2
transaction.
7. FINANCIAL EFFECTS
The unaudited pro forma financial effects of the Disposals as set out
below, have been prepared to assist Mvela Group shareholders in
assessing the impact of the Disposals on the Company`s historical
earnings per share, headline earnings per ordinary share, net asset
value per ordinary share and net tangible asset value per ordinary
share.
Unaudited Pro Forma Change (%)
before the after the
Disposals Disposals
(Cents per (Cents per
share) share)
Basic earnings 16.7 19.9 19.5%
per share
Basic headline 16.7 19.9 19.5%
earnings per
share
Net asset value 423.9 427.4 0.8%
per share
Net tangible 423.9 427.4 0.8%
asset value per
share
Notes and assumptions:
1. The basic earnings per share and basic headline earnings per share
figures in the "Pro Forma after the Disposals" column have been calculated
on the basis that the Disposals were effected on 1 July 2011.
2. The net asset value per share and the tangible net asset value per
share figures in the "Pro Forma after the Disposals" column have been
calculated on the basis that the Disposals was effected on 31 December
2011.
3. Interest on the purchase consideration received has been calculated
based on the ruling prime interest rate from time to time. The taxation
rate
applicable is assumed to be 28%.
4. The basic earnings per share and basic headline earnings per share
figures are calculated based on weighted average number of shares in issue
of 529 426 000 shares as at 31 December 2011.
5. The net asset value per share and net tangible asset value per share
have been calculated based on 529 708 365 shares in issue as at 31
December
2011.
16 April 2012
Johannesburg
Sponsor: PSG Capital
Date: 16/04/2012 13:03:04 Produced by the JSE SENS Department.
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