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LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Disposal of 100% of shares in Scanmed S.A.

Release Date: 26/11/2020 07:05
Code(s): LHC     PDF:  
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Disposal of 100% of shares in Scanmed S.A.

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 Group" or "the Company")

Disposal of 100% of shares in Scanmed S.A.

Following the release of its trading statement on the Stock Exchange News Service on 16 November
2020 and the results announcement on 19 November 2020, the Company is pleased to announce the
disposal of its shares in Scanmed S.A (Scanmed) in Poland to Abris Capital Partners, a central
European private equity fund manager (Disposal or Transaction).

Scanmed operates in 42 locations across Poland and offers comprehensive medical services in acute
facilities, cardiac centres, monoclinics and outpatient facilities.

The Disposal represents a further step towards Life Healthcare’s strategic objective of growing its share
of revenue and earnings from non-acute sources.

Scanmed’s total enterprise value, representing the Disposal consideration, is PLN340 million (R1 377
million). The Disposal consideration will be settled in cash and Life Healthcare will receive
approximately PLN199 million (R806 million) after the settling of debt in Poland. The full Transaction
proceeds will be used to reduce the Group’s debt levels.

The Disposal agreement was signed on 24 November 2020 and the Transaction remains subject to
South African Reserve Bank approval and to the approval of European Competition authorities. The
Transaction is expected to close by middle 2021.

Scanmed’s reported FY2020 operating profit amounted to R59 million and its reported FY2020 net
asset value is PLN186 million (R819 million). This financial information was derived from the Group’s
reviewed financial statements for the year ended 30 September 2020, which were prepared in terms of
International Financial Reporting Standards.

The exchange rate used in this announcement is the closing rate at 24 November 2020 of PLN1 :
R4.05.

The Disposal constitutes a Category 2 transactions in terms of the JSE Limited Listings Requirements.
As such, shareholder approval is not required.

26 November 2020
Johannesburg

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

Date: 26-11-2020 07:05:00
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