Johannesburg - Litha Healthcare Group [JSE:LHG]
, a JSE-listed company
with operations in the pharmaceutical, medical devices and biotechnology
sectors of the healthcare industry, on Monday announced the group's
acquisition of the remaining 49% of shares not held in Litha Healthcare
"This acquisition forms part of the original
transaction undertaken by Myriad Medical Holdings [JSE:MYD] and sees
Litha Healthcare Group now holding 100% of Litha Healthcare Holdings,"
said chief financial officer Martin Kahanovitz.
The transaction is expected enhance earnings for the Litha Healthcare Group.
we have exercised this option a little earlier than originally
anticipated, our main motivation was to simplify the group structure,
allowing us to create more focus on the group's operations as well as
simplify the manner in which the financials are compiled," Kahanovitz
The transaction will be structured with 40% of the option
price paid in cash and the balance paid by the issuing of Litha
Healthcare Group Limited shares.
The shares will be issued at the lower of the volume weighted average price at R2.20 per share.
and Visio Capital, constituting 72% of Litha Healthcare Group's
shareholders (excluding those shares held by the vendors), have
irrevocably undertaken at a general meeting to vote in favour of all
resolutions required to approve and implement the revised option.
Healthcare Group Limited was recently awarded eighth place in the
Sunday Times/Business Times Top 50 companies under one year category.
"We are tremendously proud of this achievement," said Kahanovitz.
last year has seen the group align its offerings into three main
business streams, namely pharmaceutical, medical and biotechnology, and
we have started streamlining our operations and reducing overhead costs
to create a leaner, diversified healthcare group," he said.