| Fri 23 Sep 2005, 15:09 | | Network Healthcare Holdings Limited - Dealings In |
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Network Healthcare Holdings Limited - Dealings In Securities By Director
Network Healthcare Holdings Limited
(`the Company`)
(Co. Reg. No. 1996/008242/06)
Code: NTC
ISIN number: ZAE000011953
DEALINGS IN SECURITIES BY DIRECTOR -
DR JACK SHEVEL
TRANSACTIONS WITH NETPARTNER INVESTMENTS LIMITED (`NETPARTNER`)
In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE
Limited (`JSE Listings Requirements`), the following transaction effective 23
September 2005, in respect of which prior written approval pursuant to paragraph
3.66 of the JSE Listing Requirements has been obtained, is hereby disclosed.
1. Netpartner has always stated as one of its objectives to increase it`s
shareholding in Netcare to approximately 20% of the voting rights. In
furtherance of this stated strategic objective Netpartner has concluded
transactions in terms of which it has acquired a total number of 87,810,488
Netcare shares at 650 cents per share of which 45,552,037 shares have been
acquired as detailed hereunder.
2. On 10 May 2005 it was announced on SENS that Dr Jack Shevel (Shevel) would
be resigning as CEO on 31 August 2005 for personal and family reasons.
Shevel has implemented his emigration to the USA, pursuant to which he has
decided to dispose of most of his shareholding in Netcare.
The following agreements have been entered into -
(a) Between Netpartner and Shevel, pursuant to which Shevel has undertaken to
procure the delivery of 38 million of his shares in the Company at a price
of 650 cents per share. The total transaction value amounts to R247
million of which R32,5 million will be financed by way of a vendor loan
from Shevel to Netpartner bearing interest at a rate of 6.75% per annum and
repayable by no later than 1 October 2007.
(b) Between Netpartner, Shevel, and Merika Johannes Madungandaba and Theresa
Anna Mokgokong (`the Community consortium`). Madungandaba and Mokgokong
are directors of the Community Healthcare Holdings which is a co-
shareholder with Netcare in the Community Hospital Group, a BEE enterprise
development initiated by Netcare some five years ago. In terms of this
transaction, Shevel will sell 7,552,037 of his shares in Netcare to the
Community consortium at a price of 650 cents per share. These shares will
be on-sold by the Community consortium to Netpartner in exchange for
25,173,500 Netpartner shares valued at 195 cents each. The purchase price
of R49,088,240 will be funded by a financial institution and is partially
guaranteed by Shevel.
3. After the above transactions, the following key features will exist:
Netpartner will own more than 20% of the voting rights of Netcare;
More than 26% of the equity of Netpartner will be held directly by BEE
shareholders;
Shevel will have an indirect shareholding in Netcare amounting to 5,130,008
shares (which includes those held through his direct interest of 6 million
shares in Netpartner).
Netcare will, after the implementation of its Health Partners for Life
transaction, which has an effective date of 1 October 2005, have a direct and
indirect BEE shareholding of more than 30% (including the shareholding of the
Public Investment Corporation Limited).
JOEL WOLPERT
Company Secretary
Tel No: (011) 301-0213
Fax No: (011) 301-0481
E-mail: joel.wolpert@netcare.co.za
Date: 23/09/2005 03:01:08 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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