Sharenet Sites 
Sharenet Sites
EFFECTIVE DISPOSAL OF 3.8% OF PRESMED AUSTRALIA (PTY) LIMITED
ADVANCED HEALTH LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/059246/06)
(“the Company” or “Advanced Health”)
ISIN Code: ZAE000189049 JSE Code: AVL
EFFECTIVE DISPOSAL OF 3.8% OF PRESMED AUSTRALIA (PTY) LIMITED
1 INTRODUCTION
Shareholders are advised that Advanced Health’s (“AVL”) major Australian subsidiary,
Presmed Australia (Pty) Limited (“PMA”) conducted a fund raising to raise AUD 1.675 million
(ZAR 16.74 million) by way of loans from certain PMA and Advanced Health directors or their
associated companies (the “Parties”). A portion of the loans were converted to equity at a
share price of AUD23.37 per PMA share which diluted Advanced Health’s shareholding in PMA
from 94.64% by 3.8% to 90.84%, which is a disposal in terms of the Listings Requirements of
the JSE Limited. (the “Disposal”). The Parties who participated in the conversion are listed in
4.1 below.
2 BACKGROUND TO PMA
Presmed Australia is one of the leading healthcare companies in Australia that specializes in
establishment and management of surgical day hospitals. It currently operates five facilities
across the major urbanised regions New South Wales, Australia.
3 BACKGROUND AND RATIONALE FOR THE DISPOSAL
Further to the August 2017 rights issue in AVL, the AVL Board considered it preferable that
the funds raised should be retained for the ongoing growth of the South African day hospital
business. Concurrently, PMA required funding for its ongoing expansion and support of its
Australian day hospitals, which was approved and supported by the AVL Board.
4 KEY TERMS OF THE TRANSACTION
4.1 Conversion of loans to share capital
PMA raised a total of AUD 1.675 million of which AUD 0.75 million (ZAR 7.5 million) was
allocated for the issuance of new shares in PMA (resulting in the 3.8% dilution) and the
remaining AUD 0.925 million (ZAR 9.24 million) being retained by PMA as long term
loans. The details for each of the Parties are set out below:
Party and associate company Total Loan Amount Converted to Long term loan
Shares
Ysbrand Visser via Maluti Holding AG AUD 300 000 AUD 150 000 AUD 150 000
Johan Oelofse AUD 300 000 AUD 300 000 -
Marc Resnik via Kinser Investments Pty Ltd AUD 75 000 AUD 75 000 -
Alan Flax via Talocave Pty Ltd AUD 100 000 AUD 100 000 -
Ivan Kassel via Davilar Pty Ltd AUD 500 000 AUD125 000 AUD 375 000
Carl Grillenberger AUD 400 000 - AUD 400 000
Total AUD 1 675 000 AUD 750 000 AUD 925 000
4.2 Conversion of loans to share capital
The long term loans will attract an interest rate of 5.5% per annum and are repayable in
cash at the end of a two or three year period, with the Parties having the option to
request the conversion of the outstanding long term loans to shares, subject to consent
by PMA, at the time of the request and at a subscription price to be determined by PMA.
Should the Parties request and PMA approve the future conversion of the long term
loans it may lead to further dilutions of Advanced Health’s shareholding in PMA. Had the
full AUD 1.675 million been converted to PMA shares, the maximum dilution of Advanced
Health’s shareholding would have been 8.09%.
4.3 Use of proceeds by PMA
PMA is utilising the funds raised for its ongoing expansion and support of its Australian
day hospitals, creating a stable and strong platform for each facility, and to have the
financial ability to grow the business. Part of the funds raised has also been used to pay
back current bank loans, which attracted a higher interest rate.
4.4 Suspensive conditions
There are no suspensive conditions to the Disposal.
4.5 Effective date of the Disposal
The effective date of the Disposal is on the day the shares are issued to the Parties which
is expected to be on or about 22 June 2018.
5 PROFIT AND NET ASSET VALUE ATTRIBUTABLE TO PMA
The net assets of PMA, as per the audited financial statements for the 12 months ended 30
June 2017 (as restated for the change in segment reporting*) was ZAR120.821 million. The
audited revenue attributable to the net assets of PMA for the 12 months ended 30 June 2017
was ZAR218.794 million and the profit after tax was ZAR1.177million. The audited financial
statements were prepared in accordance with International Reporting Standards, the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listing
Requirements and the Companies Act 71 of 2008 of South Africa.
*As reported in the unaudited condensed consolidated interim financial statements for the 6
months ended 31 December 2017, released on SENS on 1 March 2018
6 CATEGORISATION OF THE TRANSACTION AND CAUTIONARY ANNOUNCEMENT
In terms of the Listings Requirements of the JSE, the Disposal, at a value of AUD0.75 million is
not categorised as a transaction in terms of section 9. However, given the option set out in 4.2
above, had the full value AUD1.675 million been converted to PMA shares, the Disposal would
be categorised as a category 2 transaction. Further, the Disposal is not categorised as a related
party transaction for AltX issuers and therefore it is not subject to Advanced Health
shareholder approval.
The Exchange rate applied in this announcement is the closing ZAR:AUD rate on Friday, 15 June 2018 of ZAR9.9934:AUD1
Johannesburg
19 June 2018
Designated Advisor
Grindrod Bank Limited
Date: 19/06/2018 10:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
