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LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Ratio applicable to the scrip distribution

Release Date: 27/11/2015 10:51
Code(s): LHC     PDF:  
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Ratio applicable to the scrip distribution

LIFE HEALTHCARE GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/002733/06)
ISIN: ZAE000145892
Share Code: LHC
(“Life Healthcare or “the Company”)

RATIO APPLICABLE TO THE SCRIP DISTRIBUTION

Shareholders are referred to the Company’s audited financial
results for the year ended 30 September 2015, released on the
Stock Exchange News Service (“SENS”) on 13 November 2015 (“Results
Announcement”), in which they were advised that Life’s board of
directors had resolved to declare a final distribution of fully-
paid Life ordinary shares of R0.000001 (“the Scrip Distribution”)
to ordinary Shareholders (“Shareholders”) recorded in the register
of the Company at the close of business on the Record Date, being
Friday, 11 December 2015.

A circular, setting out, inter alia, the terms of the Scrip
Distribution and Cash Dividend (and including a Form of Election)
was posted to shareholders on Thursday, 19 November 2015 (“the
Circular”). The Circular is also available on the Company’s
website, www.lifehealthcare.co.za.

The number of Scrip Distribution shares to which each of the
Shareholders will become entitled pursuant to the Scrip
Distribution (to the extent that such Shareholders have not
elected to receive the Cash Dividend) will be determined by
reference to such Shareholder’s ordinary shareholding in Life (at
the close of business on the Record Date, being Friday, 11
December 2015) in relation to the ratio that 86 cents multiplied
by 1.025 bears to 3769 cents, representing the volume weighted
average price (“VWAP”) of an ordinary Life share traded on the JSE
during the 15-day trading period ending on Thursday, 26 November
2015. The application of the 1.025 factor in the Scrip
Distribution pricing mechanism is intended to incorporate a 2.5%
discount on the 15-day VWAP for Shareholders not electing to
receive the Cash Dividend Alternative. The ratio of Scrip
Distribution shares to which each Shareholder will become entitled
pursuant to the Scrip Distribution (to the extent that such
Shareholder has not elected to receive the Cash Dividend) is
therefore 2.33882 Scrip Distribution shares for every 100 ordinary
shares held on the Record Date:

100 x 86 cents x 1.025
_______________________
3769 cents           = 2.33882

If the application of this ratio gives rise to a fraction of an
ordinary share, no fractional entitlement shall arise and the
result of such calculation will be rounded up to the nearest whole
number where the fraction is greater than or equal to 0.5 and
rounded down to the nearest whole number where the fraction is
less than 0.5 (the “Rounding Provision”).

Example of Scrip Distribution entitlement:
This example assumes that a Shareholder holds 100 ordinary shares
at the close of business on the Record Date and does not elect to
receive the Cash Dividend in respect of all or part of their
shareholding.

New ordinary share entitlement = 100 x 2.33882%
= 2.33882 new shares
(then apply the Rounding Provision described above)
= 2 Scrip Distribution shares in respect of the 100 ordinary
shares held.

Illovo
Friday, 27 November 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 27/11/2015 10:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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