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Al Noor and Mediclinic agree terms

14 October 2015 08:10

Al Noor Hospitals and Mediclinic have reached agreement on the terms of a recommended combination of their respective businesses.

The combination is to be implemented by Al Noor acquiring Mediclinic under a South African scheme of arrangement with Mediclinic shareholders receiving 0.62500 new Al Noor shares for each Mediclinic share held as well as the Mediclinic interim dividend expected to be paid in December 2015.

Al Noor shareholders will receive a special dividend of £3.28 per Al Noor share and have the opportunity to tender their shares to Al Noor for cancellation for a cash payment of £8.32 per Al Noor share (subject to scale back if more than 74,069,109 Al Noor shares are tendered).

The combination will result in Mediclinic shareholders owning 84% to 93% of the enlarged group, depending on take-up by existing Al Noor shareholders under the tender offer and before the subscription by Remgro for new Al Noor shares to part-fund the tender offer.

At 8:10am: (LON:ANH) Al Noor Hospitals Group PLC share price was +99p at 1093.5p

Story provided by StockMarketWire.com

Related Company: ANH

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