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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bang & Olufsen AS | AQEU:BOC | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.32 | 9.31 | 9.37 | 0.00 | 10:01:01 |
17 November 2003 Afrox agrees to sell its holding in Afrox Healthcare On 14 July 2003 African Oxygen Limited (`Afrox') announced a strategic review with regard to its shareholdings in Afrox Healthcare Limited (`Afrox Healthcare'). That strategic review has been completed and today Afrox has announced it has agreed to sell its entire holding in Afrox Healthcare to a consortium of Black Economic Empowerment (`BEE') investors led by Brimstone Investment Corporation Limited and Mvelaphanda Strategic Investments (Proprietary) Limited. Afrox Healthcare will become the first significant BEE owned and controlled private hospital and healthcare group in South Africa. The sale by Afrox and the associated offer by the BEE consortium to minority shareholders in Afrox Healthcare are subject to certain conditions, including clearance from the relevant competition and other regulatory authorities. Afrox's holding in Afrox Healthcare will be acquired at a price of 13.85 rand per share, increased at an effective rate of 5.6 per cent per annum from 1 October 2003 until the operative completion date. For illustrative purposes, if the operative date is 30 April 2004 the total amount payable for each Afrox Healthcare share will be 13.85 rand, plus 0.45 rand, being the escalation at the effective rate of 5.6 per cent per annum, giving a total of 14.30 rand per share. Afrox has announced its intention to distribute the net proceeds to shareholders. BOC, through its 56 per cent shareholding in Afrox, has an economic interest of approximately 38.7 per cent in Afrox Healthcare. The total number of Afrox healthcare shares in issue is approximately 224,120,000. Afrox will have a capital gains tax liability on the proceeds from its sale of Afrox Healthcare shares at an effective rate of 15 per cent. There is a potential secondary tax charge at an effective rate of 12.5 per cent on distributions paid by South African companies The disposal would have reduced BOC Group earnings per share for the year to 30 September 2003 by a maximum 1.5p on the basis of a full distribution of all sale proceeds to Afrox shareholders. Tony Isaac, BOC chief executive, commented: `Afrox Healthcare has grown substantially over recent years and we are delighted to have benefited from that growth. It is now a strong and mature business able to adopt a new role in the developing South African economy. The strength of the rand makes this a very good time for BOC to receive the proceeds from the sale of its interest in Afrox Healthcare.' Contact: Christopher Marsay, Director - Investor Relations Tel: 01276 477222 (International +44 1276 477222) END
1 Year Bang & Olufsen AS Chart |
1 Month Bang & Olufsen AS Chart |
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