LHC: LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Unaudited group results for the period ended 31 March 2016, scrip distribution and cash dividend alternative Unaudited group results for the period ended 31 March 2016, scrip distribution and cash dividend alternative LIFE HEALTHCARE GROUP HOLDINGS LIMITED Registration number: 2003/002733/06 Income tax number: 9387/307/15/1 ISIN: ZAE000145892 Share code: LHC UNAUDITED GROUP RESULTS FOR THE PERIOD ENDED 31 MARCH 2016 AND DECLARATION OF SCRIP DISTRIBUTION AND CASH DIVIDEND ALTERNATIVE Paid patient days (PPDs) +2.7% Revenue +10.9% to R7 860 million Normalised EBITDA +9% to R2 099 million Interim dividend of 73 cents per share +7.4% Normalised earnings per share increased to 87.1 cents +8.6% Condensed consolidated statement of comprehensive income for the period ended 31 March 2016 R'm 6 months % 6 months 12 months 31 March Change 31 March 30 September 2016 2015 2015 Revenue 7 860 10.9 7 089 14 647 Other income 73 47 129 Operating expenses (6 162) (5 479) (11 280) Contingent consideration released 66 - 21 Transaction costs (11) (11) (15) Loss on disposal of assets - (1) - Operating profit 1 826 11.0 1 645 3 502 Fair value gain on derivative financial instruments 12 20 29 Finance income 33 11 12 Finance cost (279) (228) (445) Share of associates' and joint ventures' net profit after tax (1) 2 14 Profit before tax 1 591 1 450 3 112 Tax expense (458) (447) (884) Profit after tax 1 133 13.0 1 003 2 228 Other comprehensive income, net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences 124 42 158 Items that will not be reclassified to profit or loss Retirement benefit asset (4) 11 (6) Post-retirement medical aid - - 1 Total comprehensive income for the period 1 253 18.7 1 056 2 381 Profit after tax attributable to: Ordinary equity holders of the parent 965 16.0 832 1 866 Non-controlling interest 168 171 362 1 133 13.0 1 003 2 228 Total comprehensive income attributable to: Ordinary equity holders of the parent 1 078 21.9 884 2 010 Non-controlling interest 175 172 371 1 253 18.7 1 056 2 381 Weighted average number of shares in issue (million) 1 038 1 037 1 037 Earnings per share (cents) 93.0 16.0 80.2 179.9 Headline earnings per share (cents) 93.0 15.8 80.3 179.9 Diluted earnings per share (cents) 92.7 15.9 80.0 179.2 Diluted headline earnings per share (cents) 92.7 15.7 80.1 179.2 Headline earnings (R'm) Profit attributable to ordinary equity holders 965 832 1 866 Headline earnings adjustable items Loss on disposal of assets - 1 - Headline earnings 965 15.8 833 1 866 Condensed consolidated statement of financial position as at 31 March 2016 R'm 31 March 31 March 30 September 2016 2015 2015 ASSETS Non-current assets 14 571 12 218 13 164 Property, plant and equipment 7 350 6 389 7 101 Intangible assets 3 673 2 890 2 964 Other non-current assets 3 548 2 939 3 099 Current assets 3 054 2 344 2 771 Other current assets 2 441 1 979 1 959 Cash and cash equivalents 613 365 812 TOTAL ASSETS 17 625 14 562 15 935 EQUITY AND LIABILITIES Capital and reserves Capital and reserves 5 577 4 790 5 168 Non-controlling interest 1 222 1 104 1 280 TOTAL EQUITY 6 799 5 894 6 448 LIABILITIES Non-current liabilities 6 708 4 387 5 873 Interest-bearing borrowings 5 962 3 810 5 263 Other non-current liabilities 746 577 610 Current liabilities 4 118 4 281 3 614 Other current liabilities 2 155 1 961 2 133 Interest-bearing borrowings 1 284 1 754 924 Bank overdraft 679 566 557 TOTAL LIABILITIES 10 826 8 668 9 487 TOTAL EQUITY AND LIABILITIES 17 625 14 562 15 935 Condensed consolidated statement of changes in equity for the period ended 31 March 2016 R'm Total capital Non-controlling Total and reserves interest equity Balance at 1 October 2015 5 168 1 280 6 448 Total comprehensive income for the period 1 078 175 1 253 Profit for the period 965 168 1 133 Other comprehensive income 113 7 120 Issue of new shares 230 - 230 Transactions with non-controlling interests 30 (30) - Increase in ownership interest in subsidiaries (50) - (50) Distributions to shareholders (897) (203) (1 100) Life Healthcare Employee Share Trust Charge 16 - 16 Long Term Incentive Scheme charge 13 - 13 Purchase of Treasury shares (11) - (11) Balance at 31 March 2016 5 577 1 222 6 799 Balance at 1 October 2014 4 792 1 108 5 900 Total comprehensive income for the period 884 172 1 056 Profit for the period 832 171 1 003 Other comprehensive income 52 1 53 Transactions with non-controlling interests (1) 1 - Increase in ownership interest in subsidiaries (27) - (27) Distributions to shareholders (814) (177) (991) Life Healthcare Employee Share Trust charge (71) - (71) Long Term Incentive Scheme charge 1 - 1 Purchase of Treasury shares 12 - 12 Profit on disposal of Treasury shares 14 - 14 Balance at 31 March 2015 4 790 1 104 5 894 Balance at 1 October 2014 4 792 1 108 5 900 Total comprehensive income for the year 2 010 371 2 381 Profit for the year 1 866 362 2 228 Other comprehensive income 144 9 153 Transactions with non-controlling interests 7 (7) - Increase in ownership interest in subsidiaries (36) - (36) Distributions to shareholders (1 522) (192) (1 714) Life Healthcare Employee Share Trust charge 28 - 28 Long Term Incentive Scheme charge 8 - 8 Purchase of Treasury shares (120) - (120) Profit on disposal of Treasury shares 1 - 1 Balance at 30 September 2015 5 168 1 280 6 448 Condensed consolidated statement of cash flows for the period ended 31 March 2016 R'm 6 months % 6 months 12 months 31 March Change 31 March 30 September 2016 2015 2015 Cash generated from operations 1 625 7.2 1 516 3 842 Tax paid (398) (401) (903) Net cash generated from operating activities 1 227 10 1 115 2 939 Capital expenditure (345) (368) (1 181) Investments (989) (1 867) (1 933) Other (9) (49) (104) Net cash utilised in investing activities* (1 343) (2 284) (3 218) Interest-bearing borrowings raised 1 655 2 510 4 268 Interest-bearing borrowings repaid (767) (619) (1 860) Distributions to shareholders (666) (814) (1 520) Other (435) (400) (654) Net cash utilised in financing activities (213) 677 234 Net decrease in cash and cash equivalents (329) (492) (45) Cash and cash equivalents - beginning of the period 255 267 267 Cash balances acquired through business combinations 54 19 20 Effect of foreign currency movement (46) 5 13 Cash and cash equivalents - end of the period (66) (201) 255 * The cash utilised in investing activities includes the acquisitions in Poland (R669 million), and the additional investment in Max Healthcare Institute Limited, India for R320 million. Segmental Report The Hospital segment comprises all the private hospitals in southern Africa, the Healthcare Services segment comprises of Life Esidimeni, Life Occupational Health and Careways Wellness, while the Other segment comprises Corporate. R'm 6 months 6 months 12 months 31 March 31 March 30 September 2016 2015 2015 Operating segments Revenue Southern Africa Hospitals 6 842 6 317 13 133 Healthcare Services 446 417 866 Poland Hospitals 572 355 648 Total 7 860 7 089 14 647 Profit before items detailed below Southern Africa Hospitals 1 635 1 542 3 201 Healthcare Services 70 76 157 Other 77 67 191 Poland Hospitals 47 18 54 Operating profit before items detailed below 1 829 1 703 3 603 Amortisation of intangible assets (65) (57) (127) Contingent consideration released 66 - 21 Other (4) (1) 5 Operating profit 1 826 1 645 3 502 Fair value gain on derivative financial instruments 12 20 29 Finance income 33 11 12 Finance cost (279) (228) (445) Share of associates' and joint ventures' net profit after tax (1) 2 14 Profit before tax 1 591 1 450 3 112 Operating profit before items detailed includes the segment's share of shared services and rental costs. These costs are all at market-related rates. R'm 6 months 6 months 12 months 31 March 31 March 30 September 2016 2015 2015 Total assets before items below Southern Africa 13 239 9 640 10 710 Poland 3 481 4 201 4 419 Total assets before items detailed below 16 720 13 841 15 129 Deferred tax assets 453 260 341 Current income tax asset - 27 36 Retirement benefit asset 403 400 389 Post-retirement medical aid 17 18 17 Derivative financial instruments 32 16 23 Total assets per the balance sheet 17 625 14 562 15 935 Net debt Southern Africa 6 342 5 423 5 625 Poland 1 038 342 307 7 380 5 765 5 932 Liabilities are reviewed on a net-debt basis, which comprises all interest-bearing borrowings and overdraft balances (net cash on hand). ACQUISITIONS AND DISPOSALS OF INVESTMENTS Changes in ownership interest in subsidiaries as a result of non-controlling interest transactions The Group had marginal increases and decreases in its shareholdings in some of its subsidiary companies due to transactions with minority shareholders. Increase in investment in Max Healthcare Institute Limited The Group invested R320 million in Max Healthcare Institute Limited (Max Healthcare) in November 2015, as its contribution to Max Healthcare's acquisition of Saket City, renamed Max Smart Super Speciality Hospital (Max Smart). Business combinations Scanmed S.A. (Scanmed) acquired 100% of both Gastromed REM and Multimedycyna in October 2015 and November 2015 respectively, for a total consideration of R31 million. These companies are incorporated in Poland and had no significant contingent liabilities at the acquisition date. On 31 October 2015, Scanmed acquired 100% of the Polska Grupa Medyczna Group (PGM), incorporated in Poland. The Company had no significant contingent liabilities at the acquisition date. The following presents the impact of the PGM acquisition on the consolidated information of the Group for the period: R'm Revenue 173 Net profit 37 Details of the net assets acquired and goodwill are as follows: Total purchase consideration (685) Cash portion (614) Contingent consideration (71) Fair value of net assets acquired 223 Goodwill arising on acquisition (462) The contingent consideration is dependent on the business gaining additional contracts in the next 12 - 36 months. The contingent consideration is calculated by applying the same EBITDA multiple used on the acquisition date. The fair value of the assets and liabilities arising from the acquisition were as follows: Acquiree fair value R'm Inventories 12 Trade and other receivables 56 Trade and other payables (44) Cash and cash equivalents 54 Interest-bearing borrowings (47) Property, plant and equipment 96 Intangible assets 134 Deferred tax (28) Non-controlling interest (10) 223 Since the initial acquisition, PGM increased its shareholding in one of its subsidiaries, PGM RCM, from 75% to 100%. Increase in ownership interest as follows: Total purchase consideration (24) Cash portion (24) Fair value of non-controlling interest recognised 11 Increase in ownership interest in subsidiaries (13) Basis of presentation and accounting policies The condensed consolidated interim financial statements contained in the interim report are prepared in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, and the requirements of the Companies Act of South Africa applicable to summary financial statements, and are consistent with those applied in the previous consolidated annual financial statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. These interim financial results have been prepared under the supervision of PP van der Westhuizen (CA(SA)), the Chief Financial Officer of the Group. Unaudited results The results for the period ended 31 March 2016 have not been reviewed or audited by the Group's auditors. The directors take full responsibility for the preparation of the interim report. Commentary OVERVIEW The Group performed well in the six months ended 31 March 2016 with revenue up 10.9%, normalised EBITDA up 9.0% and headline earnings up 15.8%. The headline earnings increase of 15.8% above the 8.6% level is impacted by the contingent consideration released in respect of Polish acquisitions which will no longer be payable. The southern African operations experienced good activity growth with an overall paid patient day (PPD) growth of 2.7% (2015: 3.5%). This PPD growth was adversely impacted by the public holidays in March as compared to the same period last year. In line with the Group's Polish strategy it has invested R740 million in Poland, including the acquisition of PGM. Life Healthcare has also invested a further R320 million in India to fund the Max Healthcare acquisition of Max Smart. The Group's earnings continue to be impacted by the dilutive effect of the interest cost on the funding of the international investments. OPERATIONAL REVIEW Southern Africa An additional 91 beds (2015: 90) and 17 renal dialysis stations have been added to the business. In the second half of the year the Group expects to add over 100 beds, of which most will be mental health beds, six renal dialysis stations and one oncology centre. Activities, as measured by PPDs, increased by 2.7% in the acute business driven largely by the increased capacity due to the additional beds and an increased length of stay resulting from higher acuity cases. This activity growth was adversely impacted by the public holidays in March with year to date PPD growth to April 2016 greater than 3.5%. Occupancies continue to remain high and the overall weighted occupancy for the period was 69.9% (2015: 70.7%). Margins for the period declined slightly to 27.7% (2015: 28.0%), resulting primarily from Healthcare Services where government contracts have not been extended and the resulting impact of retrenchment costs. However, the margins in the acute facilities have remained stable, despite pressures from the weaker rand, salaries and overheads. The Group continued to provide high-quality clinical care as evidenced by the positive clinical outcomes, hospital-associated infection rates and patient incident rates in our facilities. Poland Executing on the strategy of establishing a comprehensive countrywide network of facilities resulted in the purchase of PGM for R685 million, which was funded in-country, bringing the total investment in Poland to R2.1 billion (30 September 2015: R1.4 billion). The Scanmed Group now consists of 619 beds, 12 inpatient cardiology centres and 43 medical centres. The Polish operation's performance is slightly below expectations with EBITDA margins improving to 13.5% (2015: 11.8%). EBITDA margins were negatively impacted by: - slow revenue growth in the first quarter due to low overquota work; - the impact of the Easter holidays; and - initial integration costs of new business. India Max Healthcare continues to grow its hospitals in line with the business plan. The total investment from South Africa into Max Healthcare is R2.5 billion (30 September 2015: R2.2 billion), including the additional R320 million invested in this period to fund the Max Smart acquisition. Max Healthcare added 263 operational beds, of which 236 beds were from the acquisition of Max Smart. Max Healthcare has 2 320 operational beds as at 31 March 2016. For the period, Max Healthcare grew net revenue by 27.7% and EBITDA increased by 38.7%. The overall EBITDA margin improved to 10.6% (2015: 9.8%). The Indian operations continue to grow but the earnings of this business are impacted by both the funding cost and costs of acquisition and development incurred in respect of the business acquisitions. As these operations continue to ramp up the earnings will be low. FINANCIAL PERFORMANCE Group revenue increased by 10.9% to R7 860 million (2015: R7 089 million) consisting mainly of an 8.2% increase in southern African revenue to R7 288 million (2015: R6 734 million) and R572 million (2015: R355 million) revenue contribution from Poland. The southern African Hospital division revenue increased by 8.3% to R6 842 million (2015: R6 317 million) driven by a 2.7% increase in PPDs and a higher revenue per PPD of 5.6%, made up of an average 5.9% tariff increase and a 0.3% negative case mix impact. Healthcare Services revenue increased by 7.0% to R446 million (2015: R417 million), largely driven by the acquisition of Careways Wellness in the prior period. Normalised EBITDA* increased by 9.0% to R 2 099 million (2015: R1 926 million). The EBITDA contribution from Scanmed was R77 million (2015: R42 million). * Life Healthcare defines normalised EBITDA as operating profit plus depreciation, amortisation of intangible assets, impairment of property, plant and equipment as well as excluding profit/loss and fair value adjustments on disposal of businesses, fair value adjustments, transaction costs and surpluses/deficits on retirement benefits. R'm 6 months % 6 months 12 months 31 March Change 31 March 30 September 2016 2015 2015 Normalised EBITDA Operating profit 1 826 1 645 3 502 Contingent consideration released (66) - (21) Depreciation on property, plant and equipment 270 223 445 Amortisation of intangible assets 65 57 127 Other 4 1 (5) Normalised EBITDA 2 099 9.0 1 926 4 048 Normalised EBITDA 2 099 9.0 1 926 4 048 Southern Africa 2 022 7.3 1 884 3 957 Poland 77 42 91 CASH FLOW The Group produced strong cash flows from operations and continues to generate positive free cash flow. The overall net cash flow position of the Group is negative, as a result of the increasing investing activities, primarily associated with the continuing international investments. This net cash outflow was funded through raising of debt in South Africa and Poland. FINANCIAL POSITION The Group maintains its strong financial position despite the impact of the current economic environment. Net debt to normalised EBITDA as at 31 March 2016 was 1.73 times (30 September 2015: 1.49 times). The increase in debt is primarily due to the acquisitions in Poland and funding for the Group's 2016 capital expenditure programme. The bank covenant for net debt to EBITDA is 2.75 times. The additional Max Healthcare investment of R320 million was funded by available cash resources. Poland funded its acquisitions through the raising of debt in-country. The Scrip Distribution, with the election to receive the Cash Dividend, allows the Group to utilise the cash saved through the programme to support continued growth, affords shareholders the opportunity to increase their shareholding in the Group, and provides flexibility for those shareholders who would prefer to receive a Cash Dividend. HEADLINE EARNINGS PER SHARE (HEPS) AND NORMALISED EARNINGS PER SHARE HEPS increased by 15.8% to 93.0 cps (2015: 80.3 cps), impacted by the contingent consideration released in respect of Polish acquisitions which will no longer be payable. Earnings per share on a normalised basis, which excludes non-trading related items listed below and the effect of disposed/closed businesses, where applicable, increased by 8.6% to 87.1 cps (2015: 80.2 cps). R'm 31 March % 31 March 30 September 2016 Change 2015 2015 Normalised earnings Profit attributable to ordinary equity holders 965 832 1 866 Contingent consideration released (66) - (21) Other 5 - (5) Normalised earnings 904 8.7 832 1 840 Normalised EPS (cents) 87.1 8.6 80.2 177.4 Southern Africa Operations (cents) 97.3 89.2 194.1 International Operations (cents) 1.3 (0.3) 1.8 Funding costs (international acquisitions) (cents) (11.5) (8.7) (18.5) CAPITAL EXPENDITURE During the current financial period, Life Healthcare invested R1 343 million (2015: R2 284 million), comprising capital projects of R345 million (2015: R368 million), R320 million for the additional investment in Max Healthcare and R669 million (excluding the contingent consideration for PGM of R71 million) in new acquisitions by Scanmed. The Group has approved R1 billion of its 2016 capital expenditure programme to date. CHANGES TO BOARD OF DIRECTORS There have been no changes to the board of directors for the period ended 31 March 2016. SCRIP DISTRIBUTION AND CASH DIVIDEND ALTERNATIVE 1. Introduction The board has declared an interim distribution for the period ended 31 March 2016, by way of the issue of fully paid Life Healthcare Group Holdings Limited ordinary shares of 0.0001 cent each (the Scrip Distribution) payable 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. Shareholders will be entitled, in respect of all or part of their shareholding, to elect to receive a gross cash dividend of 73 cents per ordinary share in lieu of the Scrip Distribution, which will be paid only to those Shareholders who elect to receive the cash dividend, in respect of all or part of their shareholding, on or before 12:00 on Friday, 17 June 2016 (the Cash Dividend). The Cash Dividend has been declared from income reserves. A dividend withholding tax of 15% will be applicable to all shareholders not exempt, therefrom after deduction of which the net Cash Dividend is 62.05 cents per share. The new ordinary shares will, pursuant to the Scrip Distribution, be settled by way of capitalisation of the Company's distributable retained profits. The Company's total number of issued ordinary shares is 1 048 461 433 as at 10 May 2016. The Company's Income Tax reference number is 9387/307/15/1. 2. Terms of the Scrip Distribution The Scrip Distribution will be done at a 2.5% discount to the 15-day volume weighted average price (VWAP). The number of Scrip Distribution shares to which each of the Shareholders will become entitled pursuant to the Scrip Distribution (to the extent that such Shareholders have not elected to receive the Cash Dividend) will be determined by reference to such Shareholder's ordinary shareholding in Life Healthcare Group Holdings Limited (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 the VWAP of an ordinary Life Healthcare Group Holdings Limited share traded on the JSE during the 15-day trading period ending on Wednesday, 1 June 2016. Where the application of this ratio gives rise to a fraction of a new ordinary share, such fraction will be rounded down to the nearest whole number, resulting in allocation of whole ordinary shares and a cash payment of a fraction. Details of the ratio will be announced on the Stock Exchange News Service (SENS) of the JSE in accordance with the timetable below. 3. Circular and salient dates A circular providing shareholders with full information on the Scrip Distribution and the Cash Dividend alternative, including a Form of Election to elect to receive the Cash Dividend alternative will be posted to Shareholders on or about Monday, 16 May 2016. The salient dates of events thereafter are as follows: Announcement released on SENS in respect of the ratio applicable to the Scrip Distribution, based on the 15-day volume weighted average price ending on Wednesday, 1 June 2016 by 11:00 on Thursday, 2 June 2016 Announcement published in the press of the ratio applicable to the Scrip Distribution, based on the 15-day volume weighted average price ending on Wednesday, 1 June 2016 on Friday, 3 June 2016 Last day to trade in order to be eligible for the Scrip Distribution and the Cash Dividend alternative Thursday, 9 June 2016 Ordinary shares trade "ex" the Scrip Distribution and the Cash Dividend alternative on Friday, 10 June 2016 Listing and trading of maximum possible number of ordinary shares on the JSE in terms of the Scrip Distribution from the commencement of business on Friday, 10 June 2016 Last day to elect to receive the Cash Dividend alternative instead of the Scrip Distribution, Forms of Election to reach the Transfer Secretaries by 12h00 on Friday, 17 June 2016 Record Date in respect of the Scrip Distribution and the Cash Dividend alternative Friday, 17 June 2016 Scrip Distribution certificates posted and Cash Dividend payments made, CSDP/broker accounts credited/updated, as applicable, on Monday, 20 June 2016 Announcement relating to the results of the Scrip Distribution and the Cash Dividend alternative released on SENS on Monday, 20 June 2016 Announcement relating to the results of the Scrip Distribution and the Cash Dividend alternative published in the press on Tuesday, 21 June 2016 JSE listing of ordinary shares in respect of the Scrip Distribution adjusted to reflect the actual number of ordinary shares issued in terms of the Scrip Distribution at the commencement of business on or about Wednesday, 22 June 2016 All times provided are South African local times. The above dates and times are subject to change. Any change will be announced on SENS. Share certificates may not be dematerialised or rematerialised between Friday, 10 June 2016 and Friday, 17 June 2016, both days inclusive. COMPETITION COMMISSION MARKET INQUIRY Life Healthcare has made detailed submissions on the subject matter of the Market Inquiry. Public hearings commenced in February 2016 and Life Healthcare has participated in these hearings. We are yet to receive a revised timetable for the subsequent sets of hearings. This is a large and complex inquiry and Life Healthcare remains committed to participating in the Healthcare Market Inquiry. OUTLOOK In southern Africa the Group will continue to focus on its growth objectives. The Group aims to add over 20 acute hospital brownfield beds in the next six months. The complementary services business will grow through the addition of 95 mental health beds, which will only be operational towards the end of the financial year, six renal stations and the addition of an oncology unit, while a further oncology unit is under construction and will become operational in the 2017 financial year. There will be increased pressure on costs as a result of the historical weaker exchange rate, wage expectations and other overhead costs. The Group has implemented measures to mitigate the impact of these pressures and will continue to focus on driving efficiency programmes. In Poland, the Group will continue to execute on its strategy of establishing a comprehensive network of facilities and will explore further acquisition opportunities, while maximising on growth opportunities at existing facilities. The Group will also continue to focus on improving margins through the driving of further efficiencies, the integration of newly acquired businesses and alignment to the Group's best operating practices. The Max Healthcare business will continue to focus on driving revenue through increasing the number of operational beds, bedding down the Vaishali and Max Smart acquisitions and improving operational efficiencies. THANKS The contribution of the doctors, nurses and employees of Life Healthcare have greatly enhanced the quality of our performance. We thank them for their contributions. Approved by the board of directors on 10 May 2016 and signed on its behalf: Mustaq Brey Andre Meyer Chairman Chief Executive Officer Executive directors A Meyer (Chief Executive Officer), PP van der Westhuizen (Chief Financial Officer) Non-executive directors MA Brey (Chairman), PJ Golesworthy, ME Jacobs, LM Mojela, MEK Nkeli, JK Netshitenzhe, MP Ngatane, GC Solomon, RT Vice Company secretary F Patel Registered Office Oxford Manor, 21 Chaplin Road, Illovo Private Bag X13, Northlands 2116 Sponsors Rand Merchant Bank, a division of FirstRand Bank Limited. Date 11 May 2016 Note regarding forward-looking statements: The Company advises investors that any forward-looking statements or projections made by the Company, including those made in this announcement, are subject to risk and uncertainties that may cause actual results to differ materially from those projected. LIFE HEALTHCARE GROUP HOLDINGS LIMITED Registration number: 2003/002733/06 Income tax number: 9387/307/15/1 ISIN: ZAE000145892 Share code: LHC www.lifehealthcare.co.za Date: 11/05/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
Source: JSE News Service (SENS)
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