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Mediclinic details terms of rights offer

Johannesburg - Medi-clinic International [JSE:MDC] on Friday announced the terms of its proposed renounceable rights offer to raise R5bn.

The proceeds from the rights offer will be used to partly refinance the group’s existing debt facilities in Switzerland and provide it with flexibility to pursue strategic growth and development opportunities.

The rights offer will consist of 174‚641‚984 new Mediclinic shares at an issue price of R28.63 per share in the ratio of 26.77263 new shares for every 100 held on the record date - Friday 14 September 2012.

The offer price represents a 25% discount to the 30-day volume weighted average price of R38.17 per Mediclinic share as at 31 July 2012.

Any rights offer shares not taken up in terms of the offer will be available for allocation to Mediclinic shareholders who wish to apply for a greater number of rights offer shares than those offered to them in terms of the rights offer‚ the company said.

The rights offer is fully underwritten by Remgro‚ through its wholly-owned subsidiary Industrial Partnership Investments Proprietary.

Mediclinic shareholders are no longer required to exercise caution when dealing in their shares‚ the company said.



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