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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Healthcare Ent. | LSE:HCEG | London | Ordinary Share | GB00B6030H73 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHCEG RNS Number : 1750R Healthcare Enterprise Group PLC 27 April 2009 Healthcare Enterprise Group plc ("HCEG", "the Company" or "the Group") Disposal of further shares in First Aid Holdings Limited, issue of shares in Reproductive Sciences Limited, and update on equity for debt swap. Healthcare Enterprise Group plc (AIM: HCEG) announces that on 24 April 2009 it sold 40,000 shares in First Aid Holdings Limited ("FAH") for cash. Following this disposal the Company's holding in FAH will reduce from 11.2% to approximately 9.4%. The proceeds from the sale of FAH shares will be used for general working capital purposes. Under the AIM Rules, John Gunn (Non-Executive Director) is classified as a related party. Lyndon Gaborit (Executive Deputy Chairman) considers, having consulted with Daniel Stewart (the Company's Nominated Adviser), that the terms of sale and share issue are fair and reasonable insofar as its shareholders are concerned. Simultaneously, the Company received a share application for 25% equity in its wholly owned subsidiary Reproductive Sciences Limited ("RSL") for US$100,000 in cash. Following the issue of new shares the Company's holding in RSL will reduce from 100% to 75%. The proceeds from the RSL share issue will be invested in Fertiligent Limited, an Israeli company which has developed a unique, high quality, low cost intrauterine sperm pump to help assist infertile couples conceive in a more effective, natural, less invasive manner than other more costly, conventional fertility treatments. Fertiligent Limited will use those funds to complete the approvals required by the US Food and Drug Administration ("FDA") so that the product may be sold in the United States and some other countries. Approval has already been received from the European authorities and the appropriate CE mark is already registered. Following FDA approval and additional clinical trials currently underway in Israel, it is expected that product sales will commence in various countries late in 2009. Following this investment, RSL's direct equity in Fertiligent Limited will increase to 32.8%, with options to increase that to 68.0%, and RSL also retains the exclusive, worldwide sales and marketing rights to Fertiligent Limited's products. The Company also announces that it has received agreement in principle from the holders of its 2012 Convertible Unsecured Loan Notes, to convert the debt plus accrued interest into equity in HCEG, Ebiox or RSL. The details of the proposed conversion, which will be subject to the approval of shareholders in general meeting, will be advised by circular to shareholders in due course. Certain of the Company's trade and other creditors have also accepted payment in the form of HCEG shares, subject to shareholder approval. Publication of the Company's accounts of for the 16 months ended 30 June 2008 has been delayed while these matters were being negotiated. It is now expected that these accounts together with Interim Results for the six months ended 31 December 2008 will be made available to shareholders as soon as the details of the proposed conversion of Convertible Unsecured Loan Notes are concluded and announced. Pursuant to the announcement made on 22 December 2008, the Company's shares remain suspended from trading on AIM. Further Enquiries: Healthcare Enterprise Group Plc Lyndon Gaborit, Executive Deputy Chairman Tel: + 44 (0)1925 898 201 www.hcegroup.com Daniel Stewart & Company Plc Graham Webster /Stewart Dick Tel: + 44 (0) 207 776 6550 Notes to Editors: Healthcare Enterprise Group PLC companies include Ebiox Limited, a specialist disinfectant and decontamination company which has a range of proprietary products patented and approved for sale in multiple world markets; Reproductive Sciences Limited which invests in medical devices product development, particularly in the area of women's' health; and investments in healthcare products and services. FAH and its subsidaries, which are independently owned, are engaged in the sale of first aid and healthcare related products. This information is provided by RNS The company news service from the London Stock Exchange END MSCEAPLKAALNEEE
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