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Netcare / Netpartner - Postponement Of The Sanctioning Of The

Release Date: 26/07/2006 16:48
Code(s): NTC
Wrap Text

Netcare / Netpartner - Postponement Of The Sanctioning Of The Scheme Of Arrangement Netpartner Investments Limited (Incorporated in the Republic of South Africa) (Registration number 2003/014215/06) ("Netpartner") Network Healthcare Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1996/008242/06) JSE code: NTC ISIN: ZAE000011953 ("Netcare") POSTPONEMENT OF THE SANCTIONING OF THE SCHEME OF ARRANGEMENT Netpartner shareholders are referred to the announcement released on the Securities Exchange News Service ("SENS") on Tuesday, 4 July 2006 and published in the South African press on Wednesday, 5 July 2006 where it was announced that Netpartner shareholders had approved the scheme of arrangement ("the scheme") proposed by Netcare in terms of section 311 of the Companies Act, No. 61 of 1973, as amended, between Netpartner and its shareholders, other than Netcare and its subsidiaries. Netpartner shareholders are advised that, as the subscription by Netpartner for shares in Lethimvula Investments Limited ("the subscription") and the distribution of those shares to Netpartner shareholders ("the distribution") had not been implemented, and Competition Tribunal approval for the implementation of the scheme had not been obtained, by Tuesday, 25 July 2006, the application to sanction the scheme was postponed by the High Court of South Africa (Witwatersrand Local Division) to Tuesday, 26 September 2006 or a date prior to 26 September 2006 which is not more than three weeks after the date on which approval from the Competition Tribunal for the implementation of the scheme is obtained, in the event that such approval is obtained on or before Wednesday, 13 September 2006. Netpartner expects Competition Tribunal approval for the scheme to be implemented to be obtained in late August or early September 2006. In the event that Competition Tribunal approval for the implementation of the scheme has been obtained on or before Wednesday, 13 September 2006, and the subscription and distribution have been implemented, the application to sanction the scheme will be set down for hearing as soon as possible thereafter and Netpartner will publish details of the Competition Tribunal approval and the date of the hearing of the application to sanction the scheme in the Business Day and Die Beeld newspapers at least one week prior to the hearing. A further announcement regarding the final salient dates and times of the scheme will be released on SENS and published in the South African press in due course. Sandton Wednesday, 26 July 2006 Independent adviser, corporate Corporate adviser to Netcare adviser and transactional sponsor to Netpartner Nedbank Capital KPMG Legal adviser to Netpartner and Legal adviser to Netcare attorneys to the scheme Cliffe Dekker Inc. HR Levin Attorneys, Notaries and Conveyancers
Reporting accountants and auditors Sponsor to Netcare to Netpartner and Netcare PKF (Jhb) Inc. Merrill Lynch South Africa (Proprietary) Limited
Corporate adviser to Netpartner i capital advisers (Proprietary) Limited Date: 26/07/2006 04:48:07 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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