LHC: LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Ratio applicable to the scrip distribution

2016-06-02 11:28:00
LHC: LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Ratio applicable to the scrip distribution
Ratio applicable to the scrip distribution
LIFE HEALTHCARE GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/002733/06)
ISIN: ZAE000145892
Share Code: LHC
("Life" or "the Company")
RATIO APPLICABLE TO THE SCRIP DISTRIBUTION
Shareholders are referred to the Company´s unaudited interim
financial results for the six months ended 31 March 2016,released
on the Stock Exchange News Service ("SENS") on Wednesday, 11 May
2016, in which they were advised that Life´s board of directors
had resolved to declare an interim distribution of fully-paid Life
ordinary shares of R0.000001 ("the Scrip Distribution") to
ordinary Shareholders ("Shareholders") recorded in the register of
the Company at the close of business on the Record Date, being
Friday, 17 June 2016.
A circular, setting out, inter alia, the terms of the Scrip
Distribution and Cash Dividend (and including a Form of Election)
was posted to shareholders on Monday, 16 May 2016 and is available
on the Company´s website, www.lifehealthcare.co.za.
The number of Scrip Distribution shares to which each Shareholder
will become entitled pursuant to the Scrip Distribution (to the
extent that such Shareholder has not elected to receive the Cash
Dividend) will be determined by reference to such Shareholder´s
ordinary shareholding in Life (at the close of business on the
Record Date, being Friday, 17 June 2016) in relation to the ratio
that 73 cents multiplied by 1.025 bears to 3789 cents,
representing the volume weighted average price ("VWAP") of an
ordinary Life share traded on the JSE during the 15-day trading
period ending on Wednesday, 1 June 2016.
The application of the 1.025 factor in the Scrip Distribution
pricing mechanism is intended to incorporate a 2.5% discount on
the 15-day VWAP for Shareholders not electing to receive the Cash
Dividend Alternative.
The ratio of Scrip Distribution shares to which each Shareholder
will become entitled pursuant to the Scrip Distribution (to the
extent that such Shareholder has not elected to receive the Cash
Dividend) is therefore 1,97479 Scrip Distribution shares for
every 100 ordinary shares held on the Record Date, calculated as
follows:
New ordinary share entitlement =
100 x 73 cents x 1.025
______________________
3789 cents = 1,97479 new ordinary shares
If the application of this ratio gives rise to a fraction of an
ordinary share, such fraction of a new ordinary share will be
rounded down to the nearest whole number, resulting in allocations
of whole ordinary shares and a cash payment for the fraction.
The cash payment will be determined with reference to the VWAP of
an ordinary Life share traded on the JSE on Friday, 10 June 2016
(being the day on which an ordinary Life share begins trading `ex´
the entitlement to receive the Scrip Distribution or Cash Dividend
alternative), discounted by 10%.
The applicable cash payment will be announced on SENS on Monday,
13 June 2016.
Example of Scrip Distribution entitlement:
This example assumes that a Shareholder holds 100 ordinary shares
at the close of business on the Record Date and does not elect to
receive the Cash Dividend in respect of all or part of their
shareholding.
New ordinary share entitlement = 100 x 1,97479%
= 1,97479 new ordinary shares
(then apply the Rounding Provision described above)
= 1 Scrip Distribution share in respect of the 100 ordinary shares
held and a cash payment for the fraction.
Illovo
Thursday, 2 June 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/06/2016 11:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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