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Latest on Mediclinic's Mpilo 1 BEE restructure

Jul 09 2015 14:01

Cape Town - Mediclinic shareholders are advised that Mediclinic and Mpilo 1 have agreed to the Mpilo 1 BEE restructure. Mpilo 1 was established as a majority black-owned company to acquire and hold an equity interest in Mediclinic as part of the BEE transaction implemented by Mediclinic and Mpilo 1 in December 2005. MP1 is the holding company of Mpilo 1.

Mediclinic [JSE:MDC] announced on Thursday that it will repurchase 23 377 488 listed ordinary Mediclinic shares from Mpilo 1.

Mpilo 1 will use a portion of the proceeds of the repurchase to settle existing funding and fund the exit of certain shareholders of MP1 Investment Holdings. In addition, Mpilo 1 will raise additional funding from third party financiers on more favourable and sustainable terms than those pertaining to the existing funding.

Mpilo 1 will use the remaining proceeds and additional funding to capitalise K2014232755 (South Africa) - to be renamed as Mpilo 1 Newco, which will subscribe for 23 377 488 new Mediclinic Shares. The lock-in period will be extended by an additional three years to December 31 2019.

mediclinic  |  bee  |  health
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