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Network Healthcare Holdings Limited - Acquisition Of General Healthcare

Release Date: 15/05/2006 15:30
Code(s): NTC
Wrap Text

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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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