Afrox Healthcare Limited
(Incorporated in the Republic of South Africa)
(Registration number 1985/001313/06)
ISIN: ZAE000022059
SHARE CODE: AHH
("Afrox Healthcare")
Amalgamated Hospitals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/005063/06)
("Amahosp")
OUTCOME OF THE OFFER BY AFROX HOSPITALS LIMITED TO THE DIRECT AND INDIRECT
SHAREHOLDERS OF AMAHOSP TO ACQUIRE THEIR INTERESTS IN AMAHOSP
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited is authorised
to announce that the offer made by Afrox Hospitals Limited ("Afrox
Hospitals"), a wholly owned subsidiary of Afrox Healthcare, has been
accepted by the direct and indirect shareholders of Amahosp as follows:
* Amahosp Investments Limited, Chatsmed Holdings Limited and Phoenix
Hospital Properties Limited have agreed to dispose of their shares and
linked loan units in Amahosp to Afrox Hospitals; and
* Durclin Limited has agreed to dispose of its shares and linked loans in
Hiway Medical Holdings (Proprietary) Limited, the holding company of Hiway
Medical Centre Limited ("HMC"), which in turn is the holding company of
Amahosp, to Afrox Hospitals.
As at the date of this announcement, 85.2% of the minority shareholders in
HMC had accepted the direct offer made to them. The closing date for the
HMC offer is 14 February 2002. If at this date HMC minority shareholders
holding more than 90% of the offer shares have accepted the offer, Afrox
Hospitals will invoke the provisions of section 440K of the Companies Act
and compulsorily acquire the remaining offer shares. A further announcement
on the HMC offer will be made on or about 18 February 2002.
Based on the current acceptance level of the HMC minority shareholders,
Afrox Hospitals and Afrox Healthcare currently hold, either directly or
indirectly, 98.2% of Amahosp.
Afrox Healthcare shareholders, as well as the direct and indirect
shareholders of Amahosp, are further advised that all the suspensive
conditions detailed in the announcement dated 21 December 2001 have now been
fulfilled.
Johannesburg
4 February 2002
Transaction adviser Sponsor to Afrox Healthcare
PricewaterhouseCoopers Corporate Member of the Deutsche Bank Group
Finance (Proprietary) Limited Deutsche Securities (SA)
(Proprietary) Limited
(Registration number 1970/003711/07) (Registration number 1995/011798/07)
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