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ADVANCED HEALTH LIMITED - Change Statement and notice of annual general meeting

Release Date: 15/10/2021 17:00
Code(s): AVL     PDF:  
Wrap Text
Change Statement and notice of annual general meeting

ADVANCED HEALTH LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/059246/06)
(“the Group” or “Advanced”)
ISIN Code: ZAE000189049
JSE Code: AVL



 CHANGE STATEMENT AND NOTICE OF THE ANNUAL GENERAL MEETING


Change Statement
Shareholders are advised that the Company’s integrated annual report incorporating the audited annual financial statements for the
year ended 30 June 2021 has been finalised and was distributed to shareholders on Friday, 15 October 2021. It is also available on the
Company’s website (www.advancedhealth.co.za). The audited annual financial statements contain certain modifications to the
reviewed results released on SENS on 27 August 2021.

The annual financial statements were audited by the company’s auditors, Mazars and their unmodified report which includes Key Audit
Matters, is included in the integrated annual report and also available for inspection on the company’s website.

The change statement highlights the changes between the audited annual financial statements and the reviewed results published on
27 August 2021.

The impact of the change on the financial results is detailed below:

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

                                                                Reviewed               Audited          Audited            Restated
                                                             30 June 2021         30 June 2021     30 June 2020        30 June 2020
                                           Note                     R’000                R’000            R’000               ‘R000
 Assets
 Non-current Assets
 Property, plant and equipment               1                     195 059             566 676           187 482            628 708
 Right of use of asset                       1                     371 617                   -           441 226                  -
 Investment in associate                                            35 248              35 248                 -                  -
 Goodwill                                                           20 983              20 983            28 958             28 958
 Intangible assets                                                  16 817              16 817            19 829             19 829
 Other financial assets                                             26 756              26 756            41 937             41 937
 Deferred taxation                                                  45 349              45 349            45 332             45 332
                                                                   711 829             711 829           764 764            764 764
 Current assets
 Inventories                                                        19 105              19 105            15 153             15 153
 Trade and other receivables                                        69 219              69 219            34 781             34 781
 Current tax receivable                                                 23                  23             1 070              1 070
 Cash and cash equivalents                                         107 218             107 218            59 777             59 777
 Assets of disposal groups                                          18 874              18 874           202 705            202 705
                                                                   214 439             214 439           313 486            313 486
 Total assets                                                      926 268             926 268         1 078 250          1 078 250
                                                                   Reviewed             Audited          Audited       Restated
                                                                        2021               2021             2020           2020
                                                   Note                R’000              R’000            R’000          ‘R000
 Equity and liabilities
 Capital and reserves
 Stated capital                                                       271 377            271 377          221 956        221 956
 Accumulated loss                                                   (255 270)          (255 270)        (237 150)      (237 150)
 Foreign currency translation reserve                                  37 090             37 090           52 640         52 640
 Share-based payment reserve                                            1 283              1 283            1 283          1 283
 Equity attributable to equity holders                                 54 480             54 480           38 729         38 729
 of parent
 Non-controlling interest                                            125 261            125 261          115 629        115 629
 Total equity                                                        179 741            179 741          154 358        154 358
 Non-current liabilities
 Borrowings                                                          147 575            147 575          150 792        150 792
 Lease liabilities                             2                     399 463            413 413          437 125        437 125
 Provisions                                                            1 100              1 100            1 004          1 004
                                                                     548 138            562 088          588 921        588 921
 Current liabilities
 Trade and other payables                                             59 218             59 218           62 070         62 070
 Borrowings                                                           45 005             45 005           30 837         30 837
 Lease liabilities                             2                      32 401             18 451           30 549         30 549
 Provisions                                                           12 794             12 794            9 975          9 975
 Current tax payable                                                  16 167             16 167            1 651          1 651
 Bank overdraft                                                       11 417             11 417            3 126          3 126
 Liabilities of disposal groups                                       21 387             21 387          196 763        196 763
                                                                     198 389            184 439           334 971       334 971
 Total equity and liabilities                                        926 268            926 268         1 078 250     1 078 250

Notes

    1.   Property, plant and equipment and right of use asset.
                                                                    Reviewed            Audited          Change
                                                                 30 June 2021      30 June 2021     30 June 2021
                                                   Note                 R’000             R’000            R’000
 Assets
 Non-current Assets
 Property, plant and equipment                 1                     195 059            566 676          371 617
 Right of use of asset                         1                     371 617                  -         (371 617)



                                                                   Reviewed             Audited           Change
                                                                        2020               2020             2020
                                                   Note                R’000              R’000            R’000
 Assets
 Non-current Assets
 Property, plant and equipment                  1                        187 482         628 708          441 226
 Right of use of asset                          1                        441 226                -        (441 226)
The Right of use assets have been combined with the property, plant and equipment line for both years ending 30 June 2021 and
2020. There was no change in the value only the classification of the items.




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     2.   Lease liabilities
                                                                         Reviewed              Audited             Change
                                                                              2021                2021               2021
                                                       Note                  R’000               R’000              R’000
 Non-current liabilities
 Lease liabilities                                 2                       399 463              413 413             13 950
 Current liabilities
 Lease liabilities                                 2                        32 401               18 451           (13 950)


There has been a reclassification of certain lease liabilities from current to non-current. The total value of lease liabilities have not
changed.

     3.   Headline and diluted headline loss per share
                                                                         Reviewed              Audited            Change
                                                                              2021               2021               2021
                                                                               ZAC                ZAC                ZAC
 Assets
 Headline and diluted headline loss per share                                (2.10)               (3.89)            (1.79)

 Loss for the year attributable to equity holders of the                   (17 754)             (17 754)                -
 parent used in calculating basic earnings per share
 IAS 36 impairment                                                            9 889                9 889                -
 Derecognition of lease liability on sale of facility*                            -              (5 813)           (5 813)
 IAS 16 profit on disposal of plant and equipment*                                -              (2 375)           (2 375)
 IAS 16 loss on the disposal of plant and equipment                             713                  713                -
 Tax effects of adjustments                                                       -                2 093             2 093
 Loss for the year attributable to equity holders of the                    (7 152)            (13 247)            (6 095)
 parent used in calculating headline earnings per share
 Number of shares in issue (‘000)                                          498 785              498 785                 -
 Weighted number of shares (‘000)                                          340 687              340 543                 -


* = Advanced Vergelegen Surgical Centre Pty Ltd

The change includes the adjustment of the profit from the sale of Advanced Vergelegen Surgical Centre Pty Ltd (“Vergelegen”) and
the derecognition of the lease liability associated to Vergelegen.

Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting (“AGM”) of ordinary shareholders will be held at 10:00 on Friday, 12 November
2021, to transact the business as stated in the Notice of Annual General Meeting forming part of the integrated annual report.

Due to the impact of Covid-19 the Board has, in the circumstances, determined that it is preferable that the AGM be held by way of
electronic participation instead of in person. Accordingly, the AGM will only be accessible through electronic communication.

The AGM will be held virtually using Zoom with the transfer secretaries, JSE Investor Services Proprietary Limited (“transfer secretaries”)
acting as scrutineers for the purpose of the meeting.

Shareholders who wish to participate and/or vote at the AGM are required to contact the transfer secretaries on
meetfax@jseinvestorservices.co.za or on +27 86 154 6572 as soon as possible, but in any event by no later than 10H00 on Wednesday,
10 November 2021. Shareholders wishing to vote will be assisted by Link where required and only through means of submitting their
vote before the due date on the appropriate voting form or relevant proxy form issued.




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The salient dates and times regarding the AGM meeting are set out below:

 Issuer name                                                                                      ADVANCED HEALTH LIMITED

 Type of instrument                                                                                       Ordinary Shares

 ISIN number                                                                                                 ZAE000189049

 JSE code                                                                                                             AVL

 Meeting type                                                                                      Annual General Meeting

 Meeting venue                                                                Remote interactive electronic platform Zoom

 Record date for purposes of receiving the notice of annual
 general meeting                                                                                   Friday, 8 October 2021

 Distribution of the integrated report                                                            Friday, 15 October 2021

 Last day to trade                                                                               Tuesday, 2 November 2021

 Record date for voting purposes                                                                  Friday, 5 November 2021

 Last day to lodge proxy form                                                        10:00 on Wednesday, 10 November 2021

 Date of annual general meeting                                                          10:00 on Friday, 12 November 2021

 Publication of annual general meeting results on SENS on
 or before                                                                                        Monday, 16 November 2021

 Website link                                                                                     www.advancedheatlh.co.za


Shareholders are encouraged to view the notice of AGM and integrated annual report on the Company’s website.

Johannesburg
15 October 2021


Designated Advisor
Grindrod Bank Limited




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Date: 15-10-2021 05:00:00
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