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Restructuring ipdate and renewal of cautionary announcement
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
RESTRUCTURING UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the Restructuring Cautionary SENS announcement released on Monday,
27 July 2020 and the renewal of cautionary SENS announcement released on 17 August 2020, in which
Advanced Health advised that it is in the process of considering measures to restructure the Advanced Health
Group, to simplify the group structure, reduce operational and overhead costs and to inject the necessary
cash resources to ensure continued solvency and liquidity of Advanced Health and the subsidiaries for the
foreseeable future.
In the announcement dated 17 August 2020, shareholders were advised that, in order to simplify the group
structure, Advanced Health is in the process of restructuring the shareholding of some of the hospital
facilities by transferring the shareholdings from its 100% owned operating subsidiary, Advanced Health South
Africa Proprietary Limited, to Advanced Health, in order to ensure the continued solvency and liquidity of
these day hospitals. Shareholders were further advised that this process was expected to be finalised by
18 September 2020.
As part of the restructuring, the board of directors has taken the decision to dispose of its underperforming
facilities. As a result the assets and liabilities attributable to these subsidiaries have been classified as a
disposal group as at 30 June 2020. The disposals are expected to occur within the next 12 months and the
Group has been receiving and reviewing offers from different interested parties .
In parallel with the above restructuring process, Advanced Health entered into discussions with a third party
regarding the potential sale of Advanced Health’s shareholding in the remaining South African hospital
facilities, following the receipt of an offer. These discussions are still ongoing and as a result, the finalisation
of the internal restructuring process referred to above has been delayed. The third party is in the process of
conducting a due diligence process. Further details on the above potential disposal will be provided in due
course.
In terms of injecting the necessary cash resources, Advanced Health have received commitment from a
shareholder, regarding the provision of an additional R20 million loan facility to the group, in order to bridge
any short-term cash shortages until the restructuring is finalised. The terms on which this loan facility will be
granted has not yet been finalised. Once the terms have been agreed between the parties, further details
will be provided.
Renewal of Cautionary
Should the restructuring or any of the potential disposal discussions conclude successfully, it may have a
material effect on the price of the Company’s securities. Accordingly, shareholders are advised to continue
to exercise caution when dealing in the Company’s securities until further full announcements are made.
Johannesburg
23 September 2020
Designated Advisor
Grindrod Bank Limited
Date: 23-09-2020 03:31:00
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