NETCARE LIMITED - Voluntary announcement : completion of BMI Healthcare (UK) restructure

Voluntary announcement : completion of BMI Healthcare (UK) restructure

NETCARE LIMITED
(Registration No. 1996/008242/06)
 JSE Ordinary share code: NTC
ISIN: ZAE000011953
JSE Preference share code: NTCP
ISIN: ZAE000081121
(“Netcare”)


VOLUNTARY ANNOUNCEMENT: COMPLETION OF BMI HEALTHCARE (UK) RESTRUCTURE

Shareholders are advised that BMI Healthcare (UK) has announced the completion of its financial
restructuring. This transaction involves the acquisition of BMI Healthcare by Hospital TopCo (BMI
Healthcare’s largest external landlord) and a restructuring of BMI Healthcare’s capital and debt
structure. Netcare yielded control of the BMI Healthcare Board on 28 March 2018 and deconsolidated
BMI Healthcare from its Group accounts with effect from this date, and at the same time fully impaired
its contractual economic interest in BMI Healthcare’s debt. Accordingly, both Netcare’s equity and
debt interests in BMI Healthcare are currently carried at zero value in Netcare’s Group accounts. The
completion of the BMI Healthcare restructure concludes the disposal of Netcare’s equity and debt
interests in BMI Healthcare. However, this transaction has no impact on Netcare’s results, cash flows
or financial position.

The financial restructuring of BMI Healthcare does not alter Netcare’s 56.9% ownership interest in the
six hospital properties that comprise the GHG PropCo 2 portfolio and of which BMI Healthcare is the
tenant.

Johannesburg

14 December 2018

Sponsor

Nedbank Corporate and Investment Banking

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