NTC
NTC
Network Healthcare Holdings Limited - Acquisition Of General Healthcare
Group Limited
Network Healthcare Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1996/008242/06
("Netcare")
JSE code: NTC
ISIN: ZAE000011953
ACQUISITION OF GENERAL HEALTHCARE GROUP LIMITED
Further to the announcement dated 25 April 2006, the Board of Directors of
Netcare is pleased to inform shareholders that the settlement of the purchase
consideration and effective transfer of ownership relating to the acquisition of
General Healthcare Group Limited ("GHG") by Netcare and funds advised by Apax
Partners Worldwide LLP ("Apax Partners"), London and Regional Properties ("L&R")
and funds advised by Brockton Capital LLP ("Brockton") (collectively, "the
Consortium"), was completed on 12 May 2006.
As reported previously, given that GHG is currently in the process of formally
revaluing each of the properties in its extensive property portfolio which is
required to finalise the restatement of its financial results in line with IFRS
and those of Netcare, it is not possible at this stage to quantify the pro-forma
financial effects of the transaction with reasonable certainty. As a result, the
pro-forma financial effects of the GHG acquisition will only be announced once
the property revaluation has been finalised and the revaluation and financial
effects have been reviewed by the reporting accountants.
Further announcements and a circular, including the financial effects, will be
released to shareholders in due course.
Shareholders are advised to exercise caution when dealing in their securities
until a further announcement is made.
15 May 2006
Johannesburg
Dresdner Kleinwort Wasserstein and UBS Investment Bank - Joint Financial
Advisors to the Consortium
Dresdner Bank AG London Branch - Debt provider to Netcare
KPMG Services (Proprietary) Limited - Transactional Sponsor to Netcare
Merrill Lynch South Africa (Pty) Limited - Lead Sponsor to Netcare
Norton Rose and HR Levin - Legal Advisors to Netcare
Ashursts - Legal Advisor to the Consortium
Centric Capital - Advisor to Netcare
Barclays Capital and Dresdner Bank AG London Branch - Debt providers to the
Consortium
Date: 15/05/2006 03:30:25 PM Produced by the JSE SENS Department
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