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NETWORK HEALTHCARE HOLDINGS LIMITED
(REGISTRATION NUMBER 96/08242/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("NETCARE")
PRELIMINARY REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 1998
GROUP INCOME STATEMENT
AUDITED AUDITED %
YEAR ENDED 13 MONTHS ENDED CHANGE
30 SEPTEMBER 30 SEPTEMBER
1998 1997
(RM) (RM)
-----------------------------------------------------------------
TURNOVER 2 097,3 909,4 130,6
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CONTINUING OPERATIONS 2 089,6 909,4
DISCONTINUED OPERATIONS 7,7 -
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OPERATING PROFIT BEFORE
DEPRECIATION AND
EXCEPTIONAL ITEMS 394,2 139,5 182,6
DEPRECIATION (58,8) (24,8)
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEMS 335,4 114,7 192,4
CONTINUING OPERATIONS 337,7 114,7
DISCONTINUED OPERATIONS (2,3) -
----------------------------------------------------------------------------EXC
PTIONAL ITEMS (13,7) -
OPERATING PROFIT 321,7 114,7 180,5
FINANCE CHARGES (128,2) (54,7) 134,4
PROFIT BEFORE TAXATION 193,5 60,0 222,5
TAXATION (51,1) (11,7)
PROFIT AFTER TAXATION 142,4 48,3 194,8
ATTRIBUTABLE EARNINGS
OF ASSOCIATES 20,4 -
PROFIT AFTER TAXATION
INCLUDING ASSOCIATES 162,8 48,3 237,1
OUTSIDE SHAREHOLDERS'
INTEREST IN EARNINGS
OF SUBSIDIARIES (20,2) (13,0)
PREFERENCE DIVIDENDS PAID
BY SUBSIDIARY (3,4) (2,0)
EARNINGS ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS 139,2 33,3 318,0
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HEADLINE EARNINGS RECONCILIATION
EARNINGS ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS 139,2 33,3
EXCEPTIONAL ITEMS 13,7 -
LOSS ON DISPOSAL AND
DISCONTINUATION OF
BUSINESSES 8,4 -
RESTRUCTURING AND
REORGANISATION COSTS 5,3 -
TAX EFFECT OF EXCEPTIONAL
ITEMS (1,0) -
-----------------------------------------------------------------
12,7
ATTRIBUTABLE TO OUTSIDE
SHAREHOLDERS (1,9) -
EARNINGS OF ASSOCIATES
APPLICABLE TO
PREVIOUS YEAR (1,8) -
HEADLINE EARNINGS 148,2 33,3 345,0
GROUP BALANCE SHEET
AUDITED AUDITED
30 SEPTEMBER 30 SEPTEMBER
1998 1997
(RM) (RM)
-----------------------------------------------------------------
ORDINARY SHAREHOLDERS'
FUNDS 1 009,3 510,9
INTEREST OF OUTSIDE
SHAREHOLDERS IN
SUBSIDIARIES 167,7 389,4
REDEEMABLE PREFERENCE
SHARES ISSUED BY
SUBSIDIARY 15,0 25,0
TOTAL SHAREHOLDERS' FUNDS 1 192,0 925,3
INTEREST-BEARING DEBT 760,8 521,7
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- LONG-TERM 600,4 462,6
- NET SHORT-TERM 160,4 59,1
CAPITAL EMPLOYED 1 952,8 1 447,0
FIXED ASSETS 1 810,8 1 350,3
- LAND AND BUILDINGS 1 439,1 1 140,2
- OTHER 371,7 210,1
INVESTMENTS 148,7 1,7
CURRENT ASSETS 670,3 475,1
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- INVENTORIES 90,8 63,1
- ACCOUNTS RECEIVABLE 579,5 412,0
TOTAL ASSETS 2 629,8 1 827,1
NON-INTEREST BEARING
LIABILITIES 677,0 380,1
- VENDORS FOR ACQUISITIONS 98,7 -
- ACCOUNTS PAYABLE 485,2 341,3
- TAXATION 93,1 38,8
EMPLOYMENT OF CAPITAL 1 952,8 1 447,0
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KEY FINANCIAL INFORMATION
AUDITED AUDITED %
YEAR ENDED 13 MONTHS ENDED CHANGE
30 SEPTEMBER 30 SEPTEMBER
1998 1997
(RM) (RM)
-----------------------------------------------------------------
ORDINARY SHARES (000)
ISSUED 1 182,2 857,7
WEIGHTED AVERAGE 1 103,6 309,5
EARNINGS PER SHARE (CENTS)*
(1997 ANNUALISED)
- ATTRIBUTABLE 12,6 9,9 27,2
- HEADLINE 13,4 9,9 35,3
-----------------------------------------------------------------DISTRIBUTIONS
INTERIM DIVIDEND (CENTS) 1,0 1,0
FINAL CAPITALISATION SHARE ISSUE
* COMPARATIVES PRESENTED ON A FULLY DILUTED BASIS AND AFTER ADJUSTING FOR
CAPITALISATION ISSUE
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OTHER SALIENT FEATURES
EFFECTIVE TAXATION
RATE (%) 26,4 19,5
COST OF INVENTORIES
SOLD (RM) 601,8 247,1
CAPITAL COMMITMENTS
AUTHORISED (RM) 42,1 41,2
CAPITAL EXPENDITURE FOR
THE YEAR (RM) 134,6 41,0
NET ASSET VALUE PER
SHARE (CENTS) 85,4 59,6**
**COMPARATIVES CALCULATED WITHOUT REFLECTING OUTSIDE SHAREHOLDERS PORTION OF
GOODWILL WHICH WAS SET OFF AGAINST ORDINARY SHAREHOLDER'S FUNDS, AMOUNTING TO A
REDUCTION OF 23,6 CENTS PER SHARE
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ABRIDGED CASH FLOW STATEMENT
AUDITED AUDITED
YEAR ENDED 13 MONTHS ENDED
30 SEPTEMBER 30 SEPTEMBER
1998 1997
(RM) (RM)
CASH GENERATED BY
OPERATIONS 381,8 139,5
FINANCE CHARGES (128,2) (54,7)
TAXATION PAID (2,5) (1,3)
(INCREASE)/DECREASE IN
NET WORKING CAPITAL (12,2) 19,7
CASH AVAILABLE FROM
OPERATIONS 238,9 103,2
DIVIDENDS PAID (10,9) (4,4)
CASH EFFECTS OF
OPERATING ACTIVITIES 228,0 98,8
INVESTING AND FINANCING
ACTIVITIES (467,1) (620,5)
NET INCREASE IN INTEREST-
BEARING DEBT (239,1) (521,7)
INTEREST-BEARING DEBT AT
BEGINNING OF YEAR (521,7) -
INTEREST-BEARING DEBT AT
END OF YEAR (760,8) (521,7)
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INTRODUCTION
OVER THE PAST 22 MONTHS, SINCE ITS LISTING ON THE JSE, NETCARE HAS BECOME THE
LARGEST PRIVATE HEALTHCARE ORGANISATION AND HOSPITAL AND DOCTOR NETWORK ON THE
CONTINENT OF AFRICA.
NETCARE'S OBJECTIVES
THE NETCARE GROUP STRATEGY IS TO EXPAND INTO A FULLY INTEGRATED HEALTHCARE
ORGANISATION, NOT ONLY IN SOUTH AFRICA BUT ALSO ON THE AFRICAN CONTINENT. IN
THE PURSUIT OF THIS OBJECTIVE, EXCELLENT PROGRESS HAS ALREADY BEEN MADE WITH
THE ASSEMBLY OF THE HOSPITAL NETWORK. NETCARE IS AT VARYING STAGES OF
DEVELOPMENT AND IMPLEMENTATION OF SEVERAL OTHER HEALTHCARE RELATED INITIATIVES.
THESE INITIATIVES INCLUDE HEALTH MANAGEMENT AND ADVISORY SERVICES, EXPANSION
INTO AFRICA, PRE-HOSPITAL EMERGENCY SERVICES, PHARMACEUTICALS, INFORMATION
TECHNOLOGY, PHYSICIAN HOSPITAL ORGANISATIONS, NURSING TRAINING AND BENEFIT
UTILISATION MANAGEMENT.
THE LOGICAL EXPANSION OF NETCARE INTO OTHER HEALTHCARE RELATED INITIATIVES
ENABLES THE NETCARE GROUP TO DIVERSIFY ITS EARNINGS AND TO REDUCE ITS
DEPENDENCE SOLELY ON THE SOUTH AFRICAN HOSPITAL DIVISION. EACH OF THE NEW
NETCARE DIVISIONS, ALTHOUGH INDEPENDENTLY INCOME GENERATING, IS NEVERTHELESS
STRUCTURED TO SIMULTANEOUSLY SUPPORT PATIENT FLOW AND HOSPITAL OCCUPANCY
LEVELS. THE HOSPITAL DIVISIONS' EARNINGS ATTRIBUTABLE TO NETCARE PRESENTLY
CONSTITUTE APPROXIMATELY 87%, WITH THE REMAINING NEWLY FORMED DIVISIONS
CONTRIBUTING THE REMAINING 13%. OVER THE MEDIUM TERM, NETCARE AIMS TO INCREASE
THE CONTRIBUTION OF THESE NEW DIVISIONS TO APPROXIMATELY 45% OF ITS TOTAL
EARNINGS.
THE ORGANOGRAM BELOW REFLECTS THE PRESENT DIVISIONS WITHIN NETCARE AND
NETCARE'S EFFECTIVE HOLDING IN EACH CASE.
NETCARE HOSPITAL GROUP 85%
NETCARE HEALTH SYSTEMS "NHS" 100%
NETCARE INTERNATIONAL 100%
TRAUMA LINK 50%
NETCARE HOSPITAL GROUP
NETCARE OWNS 85% OF THE ISSUED ORDINARY SHARE CAPITAL OF CLINIC HOLDINGS
LIMITED ("CLINICS"), WHOSE BUSINESS IS THE OPERATION AND MANAGEMENT OF A
NETWORK OF 44 PRIVATE HOSPITALS AND SPECIALISED MEDICAL UNITS. FOR A MORE
MEANINGFUL APPRECIATION OF THE NATURE, COMPOSITION AND EXTENT OF CLINICS
EARNINGS AND ITS FUTURE PROSPECTS, NETCARE SHAREHOLDERS ARE REFERRED TO THE
CLINICS PRELIMINARY REPORT PUBLISHED ALONGSIDE THIS ANNOUNCEMENT.
NETCARE HEALTH SYSTEMS "NHS"
ON 18 DECEMBER 1998 NETCARE ANNOUNCED THE ACQUISITION BY ITS WHOLLY OWNED
SUBSIDIARY, NETCARE HEALTH SYSTEMS ("NHS"), OF A 50% INTEREST IN THE AMPATH
HOLDINGS TRUST ("HOLDINGS"), WITH EFFECT FROM 1 SEPTEMBER 1997. HOLDINGS IS THE
OWNER OF 74% OF THE UNITS IN THE AMPATH TRUST ("THE TRUST"), THE REMAINING 26%
BEING OWNED BY A WHOLLY-OWNED SUBSIDIARY OF SA DRUGGISTS LIMITED.
THE TRUST OWNS A NETWORK OF 30 HIGH TECHNOLOGY LABORATORIES IN AND AROUND SOUTH
AFRICA, AND OPERATIONS MANAGEMENT CENTRES IN JOHANNESBURG, KEMPTON PARK,
PRETORIA, DURBAN, EAST LONDON AND MAPUTO. IN ADDITION TO PROVIDING SPECIALISED
TECHNICAL FACILITIES AND COMPREHENSIVE MANAGEMENT SERVICES TO THE PATHOLOGY
PROFESSION, THE TRUST HAS A DEVELOPED EXPERTISE, INTER ALIA, IN NUTRITIONAL
HEALTH, THE FORENSIC AND FERTILITY SCIENCES, MOLECULAR BIOLOGY, CYTOGENIC
SERVICES, VETERINARY PATHOLOGY, OCCUPATIONAL HEALTH CONSULTING AND CLINICAL
DRUG TRIAL EVALUATION, ALL OF WHICH SERVICES ARE PROVIDED TO A WIDE RANGE OF
CLIENTS IN SOUTH AFRICA AND ABROAD. THE INVESTMENT IN HOLDINGS REPRESENTS AN
OPPORTUNITY FOR NHS TO OFFER ITS EXPERTISE TO, AND SUPPORT OF, THE SPECIALISED
SERVICES PROVIDED BY THE TRUST.
NHS IS CONFIDENT THAT THROUGH ITS COUNSEL, THE TRUST WILL ACHIEVE OPTIMAL
OPERATING EFFICIENCIES AND GAIN MAXIMUM ADVANTAGES THROUGH GREATER ECONOMIES OF
SCALE. THE NHS CONTRIBUTION TO NETCARE'S HEADLINE EARNINGS FOR THE YEAR
AMOUNTED TO R18,6 MILLION. IT IS EXPECTED THAT THIS OPERATING DIVISION WILL
MATERIALLY INCREASE ITS CONTRIBUTION TO GROUP EARNINGS IN 1999. THE FINANCIAL
EFFECTS OF THE ACQUISITION ON NETCARE'S EARNINGS PER SHARE AND NET ASSET VALUE
PER SHARE ARE AN INCREASE OF 8% AND 2% RESPECTIVELY.
NETCARE INTERNATIONAL
THE AFRICA DIVISION CONDUCTS ITS BUSINESS THROUGH NETCARE'S WHOLLY OWNED
SUBSIDIARY NETCARE INTERNATIONAL ("INTERNATIONAL"). INTERNATIONAL WAS
ESTABLISHED WITH THE AIM OF EXPANDING NETCARE'S BUSINESS OPERATIONS BEYOND
SOUTH AFRICA'S BORDERS. THE PHILOSOPHY OF INTERNATIONAL IS NOT TO INVEST IN
BRICKS AND MORTAR, BUT RATHER TO PROVIDE MANAGEMENT SERVICES AND EXPERTISE IN
HEALTHCARE MANAGEMENT SYSTEMS SO AS TO FACILITATE IMPROVED HEALTHCARE ON THE
CONTINENT.
THE HIGHLIGHT OF THE YEAR FOR INTERNATIONAL WAS THE OPENING OF THE NETCARE KING
FAYCAL HOSPITAL IN KIGALI, RWANDA IN AUGUST 1998. THIS FULLY EQUIPPED 200 BED
PRIVATE HOSPITAL, A JOINT VENTURE BETWEEN THE GOVERNMENT OF RWANDA, A PRIVATE
RWANDESE INVESTOR GROUP AND INTERNATIONAL, IS COMPARABLE TO THE BEST IN SOUTH
AFRICA. THE MANAGEMENT CONTRACT AND THE LOCALLY DEVELOPED MEDICAL INSURANCE
PACKAGE (SUREMED) WHICH COMPLEMENTS THE SERVICES PROVIDED BY NETCARE
INTERNATIONAL, ARE EXPECTED TO CONTRIBUTE SIGNIFICANTLY TO INTERNATIONAL'S
EARNINGS DURING 1999.
INTERNATIONAL'S CORE SERVICES INCLUDE HOSPITAL MANAGEMENT, HEALTHCARE INSURANCE
PRODUCTS, PHARMACEUTICAL AND EQUIPMENT PROCUREMENT, PATIENT REFERRALS TO SOUTH
AFRICA AND TRAINING. HOSPITAL DEVELOPMENT, MANAGEMENT AND TRAINING CONTRACTS
HAVE ALREADY BEEN FINALISED IN SIX SUB-SAHARAN AFRICAN COUNTRIES AND
NEGOTIATIONS ARE IN PROGRESS IN SEVERAL OTHER STATES. PATIENT REFERRAL HAS BEEN
GROWING STEADILY OVER THE PAST YEAR AND IS EXPECTED TO CONSTITUTE AN EXPANDING
AND RELIABLE SOURCE OF REVENUE FOR THE GROUP'S HOSPITAL DIVISION.
OF NOTE, IS THE ABILITY OF THIS DIVISION TO GENERATE DOLLAR-BASED REVENUES
WHICH PROVIDES A SIGNIFICANT RAND HEDGE FOR NETCARE'S EARNINGS GOING FORWARD.
TRAUMA LINK
TRAUMA LINK IS A NEW DIVISION OFFERING COMPREHENSIVE PRE-HOSPITAL EMERGENCY
SERVICES AND PRODUCTS. IT IS A JOINT VENTURE BETWEEN NETCARE AND EUROP
ASSISTANCE, THE LARGEST TRAVEL ASSISTANCE COMPANY WORLD-WIDE. IT CONSISTS OF
FOUR OPERATING DIVISIONS, NAMELY NETCARE 911, MEDSTAR, HELICOPTER SERVICES AND
EUROCARE PRE-HOSPITAL PRODUCTS. TRAUMA LINK IS EXPECTED TO CONTRIBUTE
SIGNIFICANTLY TO NETCARE'S EARNINGS DURING 1999.
THE COMMENCEMENT OF NETCARE 911 MARKED THE START OF A NEW ERA IN TRAUMA CARE IN
SOUTH AFRICA. NETCARE 911 IS THE FIRST PRIVATE EMERGENCY MEDICAL RESPONSE
SERVICE CATERING FOR BOTH MEDICAL AID AND INDIGENT PATIENTS. THIS SERVICE
ENJOYS THE GENEROUS SUPPORT OF VODACOM, SOUTH AFRICA'S LARGEST CELLULAR
NETWORK. NETCARE 911 OPERATES IN THE GREATER JOHANNESBURG, KWA-ZULU NATAL AND
PORT ELIZABETH AREAS AND A NATIONAL ROLL-OUT WILL BE COMPLETED DURING 1999. IT
HAS EVOKED AN EXTREMELY FAVOURABLE PUBLIC RESPONSE AND, HAVING REGARD TO LOCAL
GOVERNMENT RESOURCE LIMITATIONS, NETCARE 911 PROVIDES A CRUCIAL COMMUNITY
SERVICE.
MEDSTAR IS THE FIXED-WING AIR EVACUATION DIVISION OF TRAUMA LINK OFFERING
AIR-AMBULANCE SERVICES IN SOUTH AFRICA AND AFRICA. IN ADDITION, IT OFFERS
INTER-CONTINENTAL AIR EVACUATION FOR EUROP ASSISTANCE, CORPORATE CLIENTS AND
OTHER INTERNATIONAL TRAVEL INSURERS.
THE HELICOPTER DIVISION OFFERS EMERGENCY HELICOPTER SERVICES IN DURBAN, CAPE
TOWN AND JOHANNESBURG FOR USE BY BOTH THE PRIVATE AND PUBLIC SECTOR.
EUROCARE PROVIDES FINANCIAL INDEMNITY FOR COMPREHENSIVE PRE-HOSPITAL SERVICES
INCLUDING TRANSPORT AND TRANSFER TO HOSPITALS BY AIR OR ROAD, MEDICAL ADVICE
AND ACCOMMODATION. OVER THE PAST SIX MONTHS, EUROCARE HAS GAINED OVER 200 000
PRINCIPAL MEMBERS.
GROUP BORROWINGS
THE STRATEGIC INVESTMENT IN AND EXPANSION OF THE VARIOUS OPERATING DIVISIONS
INCREASED THE DEBT/EQUITY RATIO BY FIVE PERCENTAGE POINTS. A CAPITAL RAISING
STRUCTURE IS PRESENTLY IN PROCESS, THE RESULTS OF WHICH, TOGETHER WITH THE
GROUP'S RETAINED CASH EARNINGS, SHOULD REDUCE THE RATIO FROM ITS PRESENT LEVEL
OF 66% TO LESS THAN 45% BY THE END OF THE ENSUING YEAR.
NOTWITHSTANDING THE TEMPORARY INCREASE IN BORROWINGS, IT IS PERTINENT TO NOTE
THAT HAD INTEREST RATES REMAINED AT THEIR OPENING LEVELS, NETCARE'S HEADLINE
EARNINGS WOULD HAVE INCREASED FROM 35,3% TO 47,8%.
NETCARE'S CORPORATE ACHIEVEMENTS
THE BOARD IS PROUD TO REPORT THAT IN A RECENT NATIONAL SURVEY, THE NETCARE
GROUP WAS JUDGED AS ONE OF THE "TOP 49 COMPANIES" TO WORK FOR IN SOUTH AFRICA.
IN ADDITION TO THAT HONOUR, NETCARE RECEIVED THE 1998 HEALTHCARE MARKETING
ORGANISATION OF THE YEAR AWARD AND ALSO FEATURED AS ONE OF THE FOUR FINALISTS
FOR THE MARKETING ORGANISATION OF THE YEAR AWARD FOR 1998.
WARRANTY CLAIMS
SHAREHOLDERS ARE ONCE AGAIN REMINDED THAT CERTAIN WARRANTY CLAIMS BY NETCARE
AGAINST THE VENDORS OF CLINICS AND CLINICS ITSELF REMAIN TO BE RESOLVED. THE
BOARD INITIALLY EXPECTED THESE CLAIMS TO BE FINALISED BEFORE THE YEAR-END. THIS
HOWEVER HAS NOT BEEN POSSIBLE AND THE CLAIMS ARE NOW EXPECTED TO BE FINALLY
DETERMINED EARLY IN 1999.
YEAR 2000 COMPLIANCE (Y2K)
DETAILS OF THE PROGRESS ON GROUP Y2K MATTERS ARE DEALT WITH IN THE CLINICS
ANNOUNCEMENT PUBLISHED ALONGSIDE THIS REPORT.
PROSPECTS
NOTWITHSTANDING THE DYNAMIC PROGRESS WHICH NETCARE HAS MADE DURING THE PAST
YEAR, THE HEALTHCARE INDUSTRY CONTINUES TO UNDERGO TREMENDOUS CHANGE PRIMARILY
DRIVEN BY COST CONTROL PRESSURES FROM FUNDERS, THE MEDICAL AID INDUSTRY AND
BENEFIT UTILISATION ORGANISATIONS.
THE NETCARE GROUP IS ALERT TO THE ISSUES AND IS IN A POSITION TO OFFER THE
APPROPRIATE HEALTHCARE SOLUTIONS. THE GROUP NEVERTHELESS REMAINS COMMITTED TO
PROVIDING OUTSTANDING SERVICE, AFFORDABLE PATIENT CARE, SUPERIOR RETURNS AND
THE MOST ADVANCED TECHNOLOGY. FURTHERMORE, NETCARE WILL CONTINUE TO CONDUCT ITS
AFFAIRS IN SUCH A WAY THAT ITS SUPPORTIVE SPECIALISTS AND DOCTORS, ITS
STAKEHOLDERS AND ITS MANAGEMENT AND STAFF WILL HAVE A SENSE OF CONFIDENCE,
SECURITY AND PRIDE IN THEIR ASSOCIATION WITH THE NETCARE GROUP.
FURTHER INITIATIVES ARE PRESENTLY IN VARYING STAGES OF DEVELOPMENT AND PLANNING
AND SEVERAL CONTRACTUAL RELATIONSHIPS ARE LIKELY TO BE CONCLUDED DURING THE
ENSUING YEAR. THE BOARD IS CONFIDENT THAT SAVE FOR A MATERIAL DETERIORATION IN
BUSINESS CONFIDENCE, SHAREHOLDERS CAN LOOK FORWARD TO POSITIVE GROWTH IN THE
YEAR AHEAD.
MI SACKS (CHAIRMAN)
DR J SHEVEL (CHIEF EXECUTIVE OFFICER)
SANDTON
22 DECEMBER 1998
CAPITALISATION SHARE ISSUE
THE DIRECTORS HAVE RESOLVED TO ISSUE CAPITALISATION SHARES TO ORDINARY
SHAREHOLDERS REGISTERED IN THE BOOKS OF NETCARE ON FRIDAY, 22 JANUARY 1999.
DETAILS OF THE ENTITLEMENT RATIO OF NEW FULLY PAID ORDINARY SHARES FOR EVERY
100 ORDINARY SHARES HELD, WILL BE PUBLISHED ON FRIDAY, 15 JANUARY 1999.
THE NEW ORDINARY SHARES WILL BE ISSUED AS FULLY PAID UP BY WAY OF
CAPITALISATION OF NETCARE'S SHARE PREMIUM ACCOUNT.
BY ORDER OF THE BOARD
J WOLPERT
SECRETARY
SANDTON
22 DECEMBER 1998
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REGISTERED OFFICE
3RD FLOOR, SANLAM PARK SOUTH,
9 FREDMAN DRIVE, CNR BUTE LANE, SANDOWN, SANDTON 2196.
(PRIVATE BAG X34, BENMORE 2010)
TRANSFER SECRETARIES
OPTIMUM REGISTRARS (PTY) LIMITED
4TH FLOOR, EDURA HOUSE,
41 FOX STREET, JOHANNESBURG 2001.
(PO BOX 62391,
MARSHALLTOWN 2107)
EXECUTIVE DIRECTORS
MI SACKS
CA(SA), AICPA (ISR)
(CHAIRMAN),
DR J SHEVEL
MBBCH (WITS)
(CHIEF EXECUTIVE OFFICER),
DR RH FRIEDLAND
BVSC (PRET), MBBCH (WITS), DIP FIN MAN
(CHIEF OPERATING OFFICER),
SR FAVISH
BCOM CA(SA), MBA (UCT)
(CHIEF FINANCIAL OFFICER),
DR R BUSH
MBBCH, DCH(SA),
PJ LINDEQUE
CA(SA),
DR C ROSSOLIMOS
MBBCH (RAND), (DMS) DIP. BUS. M.,
PRAC. ACC.
NON-EXECUTIVE DIRECTORS
DS AVNIT
CA(SA), MBA (WITS),
DAJ DONALD
BCOM, CA(SA), H DIP TAX LAW,
DR APH JAMMINE
BSC (HONS), BA (HONS), MSC, PHD,
HR LEVIN
BCOM, LLB, LLM, H DIP TAX,
H DIP CO LAW (WITS),
TM MOTSISI
BA LAW (LESOTHO), LLM (SYDNEY),
MBA (CANBERRA),
DR GM RAMOKGOPA
MBBCH (MEDUNSA),
RRS ROBERTS
BA JD (GEORGETOWN).
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