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ASCENDIS HEALTH LIMITED - Withdrawal of cautionary announcement

Release Date: 17/12/2019 07:46
Code(s): ASC     PDF:  
 
Wrap Text
Withdrawal of cautionary announcement

Ascendis Health Limited
(Registration number 2008/005856/06)
(Incorporated in the Republic of South Africa)
Share code: ASC
ISIN: ZAE000185005
(“Ascendis Health” or “the Company”)

Withdrawal of cautionary announcement

Shareholders are referred to the cautionary announcement relating to the proposed disposal of its
Remedica business in Cyprus (“Remedica”) released by the Company on the Stock Exchange News of the
JSE, and the subsequent renewals thereof, the latest being on 3 December 2019, wherein shareholders
were advised that advanced negotiations with a preferred bidder were still ongoing.

Shareholders are now advised that the Company has terminated negotiations with the preferred bidder,
as the parties did not agree key terms for the transaction.

Ascendis Health remains committed to deleveraging its balance sheet through the disposal of certain
assets (including Remedica) at prices reflective of the underlying value of those assets so as to safeguard
shareholder value. Remedica, in particular, remains a high-quality business that is delivering a sizeable
portion of the Ascendis Health group’s earnings growth and cashflow. As such, the Company will continue
to work towards disposing of Remedica at a price that is reflective of market value and yields a significant
deleveraging of the Ascendis Health group’s balance sheet.

As disclosed in the Ascendis Health group’s Annual Financial Statements for the year ended 30 June 2019,
the Company negotiated an Interim Stability Agreement (“ISA”) with its Lender Consortium in May 2019
to inter alia allow the Remedica disposal to be completed.

The Lender Consortium has agreed to further extend the ISA period during which period the Company
and Lender Consortium will seek to agree the terms of a more permanent restructure of the existing debt
facilities so as to inter alia allow the Company to progress the disposal of Remedica and other non-core
assets in the group in an orderly manner and maximise value for the group.

Shareholders are accordingly advised that caution is no longer required to be exercised when dealing in
the Company’s securities.

17 December 2019
Johannesburg

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 17-12-2019 07:46:00
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