ADCOCK INGRAM HOLDINGS LIMITED - Voluntary announcement - acquisition of Genop Holdings Proprietary Limited

Voluntary announcement - acquisition of Genop Holdings Proprietary Limited

Adcock Ingram Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 2007/016236/06)
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram")

VOLUNTARY ANNOUNCEMENT - ACQUISITION OF GENOP HOLDINGS PROPRIETARY
LIMITED

Adcock Ingram is pleased to announce that it has concluded a Share
Purchase Agreement to acquire 100% of the shares of Genop Holdings
Proprietary Limited and its subsidiaries ('Genop' or the
'Business') for a confidential purchase price, payable in cash,
(the 'Genop Acquisition').

Genop   is  a   highly specialised  instrument,  surgical  and
pharmaceutical products company focussed on the ophthalmic,
optometry, skincare, aesthetic and plastic surgery segments in
Southern Africa, with historic revenue of approximately R400
million per annum.

Genop owns and markets the well-known Epi-max branded range of
consumer products and holds exclusive distribution rights for
leading international brands in the segments/categories in which
it operates.

The board of directors of Adcock Ingram considers the Genop
Acquisition to present an attractive investment opportunity -

Rationale for the Genop Acquisition:
      -  Acquisition of the Epi-max brand and range of products.
         The brand is well established with strong awareness among
         consumers and dermatologists. The brand has potential for
         further line extensions.
      -  Acquisition of one of the largest suppliers of optical
         instruments in South Africa. Genop has been one of the
         market leaders in this space for over 90 years.
      -  Diversification. Genop’s product portfolio has very
         little overlap with Adcock Ingram’s existing portfolio
         and allows for diversification into non-SEP (single exit
         price) regulated products in specialised areas or
         therapeutic categories, such as pharmaceuticals (OTC
         dermatology – Epi-max; ophthalmic products – contact lens
         solution), ophthalmics (lenses, diagnostic and surgical
         equipment, and consumables), dermatology (dermal fillers,
         medical cosmetics, aesthetic lasers) and plastic surgery
         (breast implants, scar therapy and compression garments).

The Genop Acquisition is not a categorized transaction in terms of
the JSE Limited Listings Requirements. Accordingly, no shareholder
approval is required and this announcement is published
voluntarily.

The Genop Acquisition is subject to regulatory approvals and other
conditions precedent typical for a transaction of this nature. A
further announcement regarding the implementation of the Genop
Acquisition will be made at the appropriate time.


12 September 2017
Midrand

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

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