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NETCARE/CLINICS/EXCEL - RESULTS OF SCHEME OF ARRANGEMENT MEETINGS

Release Date: 13/11/1998 08:38
Code(s): NTC CLC EXC
Wrap Text
NETCARE
NETWORK HEALTHCARE HOLDINGS LIMITED
(REGISTRATION NUMBER 96/08242/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("NETCARE")
CHL
CLINIC HOLDINGS LIMITED
(REGISTRATION NUMBER 87/04106/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("CLINICS")
(COLLECTIVELY "THE NETCARE GROUP")
EXCEL
EXCEL MEDICAL HOLDINGS LIMITED
(REGISTRATION NUMBER 97/04526/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("EXCEL")
RESULTS OF SCHEME OF ARRANGEMENT MEETINGS

FURTHER TO THE ANNOUNCEMENT DATED 9 OCTOBER 1998, RELATING, INTER ALIA, TO THE PROPOSED ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF EXCEL BY THE NETCARE GROUP, RAND MERCHANT BANK LIMITED AND INVESTEC BANK LIMITED ARE AUTHORISED TO ANNOUNCE THAT ON 12 NOVEMBER 1998:
1. THE SCHEME OF ARRANGEMENT ("THE CURRENT SCHEME") JOINTLY PROPOSED BY NETCARE AND CLINICS BETWEEN EXCEL AND ITS ORDINARY SHAREHOLDERS (OTHER THAN CLINICS AND NETCARE) IN TERMS OF SECTION 311 OF THE COMPANIES ACT, NO 61 OF 1973, AS AMENDED ("THE ACT") WAS APPROVED BY A MAJORITY REPRESENTING IN EXCESS OF 99% OF THE VOTES EXERCISABLE AT THE CURRENT SCHEME MEETING HELD ON 12 NOVEMBER 1998; 2. THE SCHEME OF ARRANGEMENT ("THE CONTINGENT SCHEME") JOINTLY PROPOSED BY NETCARE AND CLINICS BETWEEN EXCEL AND THE PROSPECTIVE EXCEL SHAREHOLDERS IN TERMS OF SECTION 311 OF THE ACT WAS APPROVED BY A MAJORITY REPRESENTING IN EXCESS OF 99% OF THE VOTES EXERCISABLE AT THE CONTINGENT SCHEME MEETING HELD ON 12 NOVEMBER 1998;
FURTHER ANNOUNCEMENTS IN THIS REGARD WILL BE MADE IN DUE COURSE. JOHANNESBURG 13 NOVEMBER 1998 MERCHANT BANK TO THE NETCARE GROUP RMB RAND MERCHANT BANK LIMITED MERCHANT BANK TO EXCEL INVESTEC MERCHANT BANK INVESTEC BANK LIMITED (REGISTRATION NUMBER 69/04763/06) SPONSORING BROKER TO THE NETCARE GROUP MERRILL LYNCH SMITH BORKUM HARE MERRILL LYNCH SOUTH AFRICA (PTY) LTD. MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REGISTRATION NUMBER 95/01805/07 SPONSORING BROKER TO EXCEL INVESTEC SECURITIES INCORPORATING FERGUSSON BROS. INVESTEC SECURITIES LIMITED MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REGISTRATION NUMBER 72/08905/06 ATTORNEYS RABIN, VAN DEN BERG & PELKOWITZ ATTORNEYS HR LEVIN

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