REG - Mediclinic Intnl plc - Court Sanction of Scheme of Arrangement

Mediclinic InternationalAnnouncement

25/05/2023 13:00

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RNS Number : 6868A  Mediclinic International plc  25 May 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

25 May 2023

RECOMMENDED CASH ACQUISITION

of

Mediclinic International plc

by

Manta Bidco Limited

(a newly formed company owned by joint offerors: (i) Remgro Limited ("Remgro")
(through the Relevant Remgro Subsidiaries); and (ii) SAS Shipping Agencies
Services S.à r.l. ("SAS"), a wholly owned subsidiary of MSC Mediterranean
Shipping Company SA ("MSC"))

 

to be effected by means of a Scheme of Arrangement under Part 26 of the
Companies Act 2006

 

COURT SANCTION OF SCHEME OF ARRANGEMENT

AND FINALISATION ANNOUNCEMENT WITH REVISED TIMETABLE

 

On 4 August 2022, the boards of directors of Mediclinic International plc
("Mediclinic" or the "Company") (excluding the Remgro representative), Manta
Bidco Limited ("Bidco"), Remgro and SAS announced that they had reached
agreement on the terms of a recommended cash offer by Bidco for the entire
issued and to be issued share capital of Mediclinic (the "Acquisition"), other
than the Mediclinic Shares already owned by the Relevant Remgro Subsidiaries,
to be implemented by way of a court sanctioned scheme of arrangement under
Part 26 of the Companies Act (the "Scheme"). The circular in relation to the
Scheme (the "Scheme Document") was published and posted to Mediclinic
Shareholders on 30 August 2022.

 

Capitalised terms used but not defined in this announcement (the
"Announcement") have the meanings given to them in the Scheme Document. All
references to times in this Announcement are to London times unless otherwise
stated.

 

Mediclinic and Bidco are pleased to announce that following the Scheme Court
Hearing yesterday, the High Court of Justice of England and Wales has
sanctioned the Scheme pursuant to which the Acquisition is being implemented.

 

As set out in Mediclinic's announcement on 16 May 2023 regarding the
satisfaction of Conditions relating to merger control and other regulatory
approvals, as the Court sanction was not received by 3.00 p.m. SAST (2.00 p.m.
London time) on the day of the Scheme Court Hearing, it is anticipated that
the Effective Date will now be 26 May 2023 pursuant to the JSE's requirements.
This is when a copy of the Court Order is expected to be delivered to the
Registrar of Companies.

 

Revised Timetable

 

As the Effective Date is now one Business Day later than specified in the
expected timetable of principal events set out in Mediclinic's announcement on
16 May 2023, a revised timetable is set out below. If any of the key dates
and/or times set out in the revised timetable change, Mediclinic and Bidco
will give notice of the further revised dates and/or times by issuing an
announcement through a Regulatory Information Service and corresponding
announcement on SENS, and by making such announcement available on
Mediclinic's website at
https://investor.mediclinic.com/regulatory-news/offer-mediclinic-international-plc.

1. Principal events in the UK

 Event                                                                       Time and/or date((1))
 Last date of dealings in, and for registration of transfers of, Mediclinic  Thursday 25 May 2023
 Shares on the LSE
 Disablement of CREST in respect of Mediclinic Shares                        6.00 p.m. on Thursday 25 May 2023
 Scheme Record Time                                                          6.00 p.m. on Thursday 25 May 2023
 Suspension of listing and dealings in Mediclinic Shares                     by 7.30 a.m. on Friday 26 May 2023
 Effective Date of the Scheme                                                Friday 26 May 2023
 Cancellation of listing of Mediclinic Shares on the LSE                     8.00 a.m. on Tuesday 30 May 2023
 Latest date for despatch of cheques/settlement through CREST/electronic     Friday 9 June 2023
 payment
 Longstop Date                                                               Friday 30 June 2023((2))

 

2. Principal events in South Africa and Namibia

 Event                                                                           Time and/or date((1))
 Last date to trade on the JSE and NSX                                           Thursday 25 May 2023
 Effective Date of the Scheme                                                    Friday 26 May 2023
 Suspension of Mediclinic Shares on the JSE and the NSX                          Friday 26 May 2023
 SA Record Date                                                                  Tuesday 30 May 2023
 Date for crediting accounts with the Consideration through the Strate system    Tuesday 6 June 2023((2))
 (or in the case of Certificated SA Shareholders, by electronic funds transfer
 into their Rand bank accounts)
 Date for termination of listing of Mediclinic Shares on the JSE and NSX         Wednesday 7 June 2023((3))
 Longstop Date                                                                   Friday 30 June 2023((4))
 Notes:

 (1)              To the extent that the payment date and date for
 termination of listing on the JSE and NSX is delayed, shareholders will be
 advised timeously and an announcement in that regard will be published on
 SENS.

 References to times are to London, United Kingdom time unless otherwise
 stated. If any of the times and/or dates above change, the revised times
 and/or dates will be notified to Mediclinic Shareholders by announcement
 through a Regulatory Information Service and corresponding publication on
 SENS.

 (2)              The last date to credit accounts with the
 Consideration through the Strate system (or in the case of Certificated SA
 Shareholders, by electronic funds transfer into their Rand bank accounts) is
 Friday 9 June 2023.

 (3)              The latest date for the termination of listing
 of Mediclinic Shares on the JSE and the NSX is Monday 12 June 2023.

It is intended that upon the Scheme becoming Effective, subject to the
 approval of the Executive Committee of the JSE, the JSE will initiate the
 termination of the secondary listing of Mediclinic Shares on the Main Board of
 the JSE, in terms of paragraphs 1.12 and 1.13 of the JSE Listings
 Requirements, to take effect following the Effective Date, on the basis that
 Mediclinic will no longer comply with the public spread provisions pursuant to
 paragraph 4.28(e) of the JSE Listings Requirements. The delisting of
 Mediclinic Shares on the NSX will occur simultaneously with the termination of
 the listing and trading of such shares from the JSE.

 (4)              This is the latest date by which the Scheme may
 become Effective. However, the Longstop Date may be extended to such later
 date as may be agreed by Mediclinic and Bidco (with the Panel's consent and as
 the Court may approve (if such consent and/or approval is required)) or if the
 Panel requires an extension to the Longstop Date pending final determination
 of an issue under section 3(g) of Appendix 7 of the Takeover Code.

 

Suspension of trading of Mediclinic Shares

 

 

Applications have been made for the suspension of trading in Mediclinic Shares
on the London Stock Exchange's main market for listed securities and the
listing of Mediclinic Shares on the premium listing segment of the Official
List of the Financial Conduct Authority and such suspensions are expected to
take effect from 7:30 a.m. (London time) on 26 May 2023. The last day of
dealings in, and for the registration and transfer of, Mediclinic Shares, will
be 25 May 2023. The de-listing of Mediclinic Shares from the premium listing
segment of the Official List of the Financial Conduct Authority and the
cancellation of the admission to trading of Mediclinic Shares on the London
Stock Exchange's main market for listed securities have also been applied for
and will, subject to the Scheme becoming effective, take effect at 8:00 a.m.
(London time) on 30 May 2023.

 

It is intended that upon the Scheme becoming Effective, subject to the
approval of the Executive Committee of the JSE, the JSE will initiate the
termination of the secondary listing of Mediclinic Shares on the Main Board of
the JSE, in terms of paragraphs 1.12 and 1.13 of the JSE Listings
Requirements, to take effect following the Effective Date, on the basis that
Mediclinic will no longer comply with the public spread provisions pursuant to
paragraph 4.28(e) of the JSE Listings Requirements. The delisting of
Mediclinic Shares on the NSX will occur simultaneously with the termination of
the listing and trading of such shares from the JSE. The last day of dealings
in Mediclinic Shares on the Main Board of the JSE and the NSX will be 25 May
2023, and suspension of Mediclinic Shares on the JSE and the NSX is expected
to take effect from the commencement of trade on 26 May 2023. The delisting of
Mediclinic Shares from the JSE and the NSX is expected to take effect from
commencement of trade on the first SA Business Day immediately following the
date on which accounts are credited with the Consideration. The expected date
for the termination of listing of Mediclinic Shares on the JSE and the NSX is
Wednesday 7 June 2023.

 

Full details of the Acquisition are set out in the Scheme Document.

 

 

Enquiries:

Mediclinic

James Arnold (Head of Investor Relations)
                +44 (0)20 3786 8181

 

Morgan Stanley (Financial Adviser to Mediclinic)

Matthew
Jarman
+44 (0)20 7425 8000

Tom Perry

Anthony Zammit

Obaid Mufti

 

UBS (Financial Adviser to Mediclinic)

David
James
+44 (0)20 7567 8000

Thomas Raynsford

Martin Henrichs

Aadhar Patel

 

The Standard Bank of South Africa Limited (South African

Financial Adviser and Transaction Sponsor to Mediclinic)

Grant
Tidbury
+27 (11) 721 7000

Bryan Antolik

Natalie Di-Sante

 

FTI Consulting (PR Adviser to Mediclinic)

Ben Atwell / Ciara Martin
(UK)
+44 (0)20 3727 1000

Sherryn Schooling (South
Africa)
+27 (0)21 487 9000

 

Remgro

Lwanda Zingitwa (Head of Investor Relations)
                  +27 21 888 3000

 

MSC / SAS

Giles
Broom
+41 22 703 9886

 

Nomura International plc (Lead Financial Adviser to the

Consortium)

Adrian Fisk
 
  +44 (0)20 7102 1000

Ludovico del Balzo

Oliver Donaldson

 

M&M Capital (Financial Adviser to the Consortium)

Ruggero Magnoni
                                           +39 335
422070

Thomas Marsoner
                                           +44 (0)20
7603 2100

 

Centerview Partners UK LLP (Financial Adviser to Remgro)

Hadleigh Beals
                                                +44
(0)20 7409 9700

Alexander Elias

Alexander Gill

 

Credit Suisse (Financial Adviser to MSC)

Jens Haas
                                                 +44
(0)20 7888 8888

Ben Deary

Brice Bolinger

 

Teneo (PR Adviser to the Consortium)

Doug Campbell
(UK)
+44 7753 136628

Rob Yates
(UK)
+44 7715 375443

Robyn Chalmers (South
Africa)
+27 (83) 307 6834

 

Important notice

This Announcement is for information purposes only and is not intended to and
does not constitute or form part of any offer to sell or subscribe for or any
invitation to purchase or subscribe for any securities or the solicitation of
any vote or approval in any jurisdiction pursuant to the Acquisition or
otherwise.

The Acquisition is being made solely by means of the Scheme Document (or, if
the Acquisition is implemented by way of a Takeover Offer, the offer document)
which, together with the Forms of Proxy, contains the full terms and
Conditions of the Acquisition, including details of how to vote in respect of
the Acquisition. Any vote in respect of the Scheme or any decision in respect
of, or other response to, the Acquisition should be made only on the basis of
the information in the Scheme Document (or, if the Acquisition is implemented
by way of a Takeover Offer, the Takeover Offer document).

This Announcement does not constitute a prospectus or prospectus-equivalent
document.

Disclaimers

Nomura, which is authorised by the Prudential Regulation Authority and
regulated in the UK by the Financial Conduct Authority and the Prudential
Regulation Authority, is acting exclusively as financial adviser to Bidco and
no one else in connection with the Acquisition and Nomura, its affiliates and
its respective officers, employees, agents, representatives and/or associates
will not regard any other person as their client, nor will they be responsible
to anyone other than Bidco for providing the protections afforded to clients
of Nomura nor for providing advice in connection with the Acquisition or any
matter or arrangement referred to herein.

M&M Capital, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting exclusively as financial adviser to
Bidco and no one else in connection with the Acquisition and is not, and will
not be, responsible to anyone other than Bidco for providing the protections
afforded to clients of M&M Capital or for providing advice in connection
with the subject matter of the Acquisition or any matter or arrangement
referred to herein.

Centerview, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting exclusively as financial adviser to
Remgro and no one else in connection with the Acquisition and will not be
responsible to anyone other than Remgro for providing the protections afforded
to clients of Centerview nor for providing advice in connection with the
Acquisition or any matter or arrangement referred to herein. Neither
Centerview nor any of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client of
Centerview in connection with the Acquisition, any statement contained herein
or otherwise.

Credit Suisse, which is authorised by the Prudential Regulation Authority and
regulated in the UK by the Financial Conduct Authority and the Prudential
Regulation Authority, is acting exclusively as financial adviser to MSC and no
one else in connection with the Acquisition and will not be responsible to
anyone other than MSC for providing the protections afforded to clients of
Credit Suisse, nor for providing advice in relation to the content of this
Announcement or any matter referred to herein. Neither Credit Suisse nor any
of its subsidiaries, branches or affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is not a
client of Credit Suisse in connection with the Acquisition, any statement
contained herein or otherwise.

Morgan Stanley, which is authorised by the Prudential Regulation Authority and
regulated in the UK by the Financial Conduct Authority and the Prudential
Regulation Authority, is acting exclusively as financial adviser to Mediclinic
and no one else in connection with the Acquisition and Morgan Stanley, its
affiliates and its respective officers, employees, agents, representatives
and/or associates will not regard any other person as their client, nor will
they be responsible to anyone other than Mediclinic for providing the
protections afforded to clients of Morgan Stanley nor for providing advice in
connection with the Acquisition or any matter or arrangement referred to
herein.

UBS is authorised and regulated by the Financial Market Supervisory Authority
in Switzerland. It is authorised by the Prudential Regulation Authority and
subject to regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority in the United Kingdom. UBS
is acting as financial adviser and corporate broker to Mediclinic and no one
else in connection with the matters set out in this Announcement. In
connection with such matters, UBS, its affiliates, and its or their respective
directors, officers, employees and agents will not regard any other person as
its client, nor will it be responsible to any other person for providing the
protections afforded to its clients or for providing advice in relation to the
contents of this Announcement or any other matter referred to herein.

Standard Bank, which is regulated by the Prudential Authority of the South
African Reserve Bank and is an Authorised Financial Services Provider and
Credit Provider, is acting exclusively as South African financial adviser and
JSE transaction sponsor to Mediclinic and no one else in connection with the
Acquisition and Standard Bank, its affiliates and its respective officers,
employees, agents, representatives and/or associates will not regard any other
person as their client, nor will they be responsible to anyone other than
Mediclinic for providing the protections afforded to clients of Standard Bank
nor for providing advice in connection with the Acquisition or any matter or
arrangement referred to herein.

No person has been authorised to give any information or make any
representations other than those contained in this Announcement and, if given
or made, such information or representations must not be relied upon as having
been authorised by Mediclinic, the Mediclinic Directors, Bidco, the Bidco
Directors, Remgro, the Remgro Directors, SAS, the SAS Responsible Persons or
by Morgan Stanley, UBS, Standard Bank, Nomura, M&M Capital, Centerview,
Credit Suisse or any other person involved in the Acquisition. Neither the
delivery of the Scheme Document nor holding the Meetings, the Scheme Court
Hearing, or filing the Court Order shall, under any circumstances, create any
implication that there has been no change in the affairs of the Mediclinic
Group or the Bidco Group since the date of the Scheme Document or that the
information in, or incorporated into, the Scheme Document is correct as at any
time subsequent to its date.

Overseas Shareholders

This Announcement has been prepared for the purposes of complying with English
law, the Takeover Code, the Market Abuse Regulation, the Disclosure Guidance
and Transparency Rules, the Listing Rules, the Financial Markets Act and the
Corporate Actions timelines as prescribed in terms of the JSE Listings
Requirements, and the information disclosed may not be the same as that which
would have been disclosed if this Announcement had been prepared in accordance
with the laws of jurisdictions outside England or South Africa.

The availability of the Acquisition to Mediclinic Shareholders who are not
resident in and citizens of the United Kingdom, South Africa or Namibia may be
affected by the laws of the relevant jurisdictions in which they are located
or of which they are citizens. Persons who are not resident in the United
Kingdom, South Africa or Namibia should inform themselves of, and observe, any
applicable legal or regulatory requirements of their jurisdictions. In
particular, the ability of persons who are not resident in the United Kingdom,
South Africa or Namibia to vote their Scheme Shares with respect to the Scheme
at the Court Meeting, or to appoint another person as proxy to vote at the
Court Meeting on their behalf, may be affected by the laws of the relevant
jurisdictions in which they are located. Any failure to comply with the
applicable restrictions may constitute a violation of the securities laws of
any such jurisdiction. To the fullest extent permitted by applicable law, the
companies and persons involved in the Acquisition disclaim any responsibility
or liability for the violation of such restrictions by any person.

Unless otherwise determined by Bidco or required by the Takeover Code, and
permitted by applicable law and regulation, the Acquisition will not be made
available, directly or indirectly, in, into or from a Restricted Jurisdiction
where to do so would violate the laws in that jurisdiction and no person may
vote in favour of the Scheme by any such use, means, or instrumentality or
from within a Restricted Jurisdiction or any other jurisdiction if to do so
would constitute a violation of the laws of that jurisdiction. Copies of this
Announcement and any formal documentation relating to the Acquisition are not
being, and must not be, directly or indirectly, mailed or otherwise forwarded,
distributed or sent in or into or from any Restricted Jurisdiction and persons
receiving such documents (including custodians, nominees and trustees) must
not mail or otherwise forward, distribute or send it in or into or from any
Restricted Jurisdiction. Doing so may render invalid any related purported
vote in respect of the Acquisition. If the Acquisition is implemented (with
the consent of the Panel and subject to and in accordance with the terms of
the Co-operation Agreement) by way of a Takeover Offer (unless otherwise
permitted by applicable law and regulation), the Takeover Offer may not be
made directly or indirectly, in or into, or by the use of mails or any means
or instrumentality (including, but not limited to, facsimile, e-mail or other
electronic transmission, telex or telephone) of interstate or foreign commerce
of, or of any facility of a national, state or other securities exchange of
any Restricted Jurisdiction and the Takeover Offer may not be capable of
acceptance by any such use, means, instrumentality or facilities.

The Acquisition shall be subject to, among other things, the applicable
requirements of the Takeover Code, the Panel, the London Stock Exchange, the
FCA, the JSE and the NSX.

The information contained in this Announcement constitutes factual information
as contemplated in section 1(3)(a) of the FAIS Act and should not be construed
as express or implied advice, a recommendation, guide or proposal that any
particular transaction in respect of the Acquisition is appropriate to the
particular investment objectives, financial situations or needs of a
shareholder or offeree, and nothing in this Announcement should be construed
as constituting the canvassing for, or marketing or advertising of, financial
services in South Africa. Neither Mediclinic nor Bidco are financial services
providers licensed as such under the FAIS Act.

Nothing in this Announcement should be viewed, or construed, as "advice", as
that term is used in the Financial Markets Act.

Additional information for US investors

The Acquisition relates to shares in a UK company and is proposed to be
effected by means of a scheme of arrangement under English law. US Mediclinic
Shareholders should note that the Scheme relates to the shares of a UK company
and will be governed by English law. Neither the proxy solicitation rules nor
the tender offer rules under the US Exchange Act will apply to the Acquisition
or the Scheme. Moreover, the Acquisition and the Scheme are subject to the
disclosure requirements and practices applicable in England to schemes of
arrangement, which differ from the disclosure requirements of the proxy
solicitation rules and tender offer rules under the US Exchange Act.

The financial information included in this Announcement has been prepared in
accordance with accounting standards applicable in the United Kingdom and may
not be comparable to financial information of US companies or companies whose
financial statements are prepared in accordance with generally accepted
accounting principles in the US.

However, if, in the future, Bidco were to elect (with the consent of the Panel
and subject to and in accordance with the terms of the Co-operation Agreement)
to implement the Acquisition by means of a Takeover Offer and determines to
extend such Takeover Offer into the US, such Takeover Offer would be made in
compliance with all applicable US laws and regulations, including Section
14(e) of the US Exchange Act and Regulation 14E thereunder. Such a Takeover
Offer would be made in the US by Bidco and no one else.

Neither the SEC nor any securities commission of any state of the US nor any
other US regulatory authority has approved the Acquisition, passed upon the
fairness of the Acquisition or passed upon the adequacy or accuracy of this
Announcement. Any representation to the contrary is a criminal offence in the
US.

In accordance with the Takeover Code and normal UK practice, and pursuant to
Rule 14e-5(b) of the US Exchange Act (if applicable), (a) Bidco or its
nominees, or its brokers (acting as agents), may from time to time make
certain purchases of, or arrangements to purchase, shares or other securities
of Mediclinic outside of the US, other than pursuant to the Acquisition, until
the date on which the Acquisition and/or Scheme becomes Effective, lapses or
is otherwise withdrawn; and (b) Morgan Stanley, UBS and Standard Bank and
their affiliates will continue to act as exempt principal traders in
Mediclinic securities under the Takeover Code. If purchases or arrangements to
purchase were to be made as contemplated by clause (a) of this paragraph, they
would occur either in the open market at prevailing prices or in private
transactions at negotiated prices, and comply with applicable law, including
the US Exchange Act. Any information about such purchases or arrangements to
purchase would be disclosed as required in the UK, would be reported to a
Regulatory Information Service and would be made available on the London Stock
Exchange website at www.londonstockexchange.com
(http://www.londonstockexchange.com) . Purchases contemplated by clause (b) of
this paragraph that are required to be made public in the United Kingdom
pursuant to the Takeover Code would be reported to a Regulatory Information
Service and would be made available on the London Stock Exchange website at
www.londonstockexchange.com (http://www.londonstockexchange.com) .

The receipt of the cash Consideration by a US Mediclinic Shareholder for the
transfer of its Mediclinic Shares pursuant to the Acquisition will likely be a
taxable transaction for US federal income tax purposes and may also be a
taxable transaction under applicable state and local tax laws in the US, as
well as foreign and other tax laws. Each US Mediclinic Shareholder is urged to
consult their independent professional tax adviser immediately regarding the
tax consequences of the Acquisition applicable to them, including under
applicable US state and local, as well as overseas and other, tax laws.

It may be difficult for US Mediclinic Shareholders to enforce their rights and
any claim arising out of US federal securities laws, since Mediclinic and
Bidco are each located in a non-US jurisdiction, and some or all of its
officers and directors may be residents of non-US jurisdictions. US Mediclinic
Shareholders may not be able to sue a non-US company or its officers or
directors in a non-US court for violations of US securities laws. Further, it
may be difficult to compel a non-US company and its affiliates to subject
themselves to a US court's judgement.

Forward Looking Statements

This Announcement (including information incorporated by reference in this
Announcement), oral statements made regarding the Acquisition, and other
information published by Mediclinic, any member of the Mediclinic Group,
Bidco, the Wider Bidco Group or any member of the Consortium contain
statements which are, or may be deemed to be, "forward-looking statements".
Such forward-looking statements are prospective in nature and are not based on
historical facts, but rather on current expectations and on numerous
assumptions regarding the business strategies and the environment in which
Mediclinic, any member of the Mediclinic Group, Bidco, the Wider Bidco Group
or any member of the Consortium shall operate in the future and are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by those statements.

The forward-looking statements contained in this Announcement may relate to
Mediclinic, any member of the Mediclinic Group, Bidco, or any member of the
Wider Bidco Group or the Enlarged Group's future prospects, developments and
business strategies, the expected timing and scope of the Acquisition and all
other statements in this Announcement other than statements of historical
facts. In some cases, these forward-looking statements can be identified by
the use of forward-looking terminology, including the terms "believes",
"estimates", "will look to", "would look to", "plans", "prepares",
"anticipates", "expects", "is expected to", "is subject to", "budget",
"scheduled", "forecasts", "synergy", "strategy", "goal", "cost-saving",
"projects" "intends", "may", "will", "shall" or "should" or, in each case,
their negative or other variations or other similar or comparable words and
expressions. Forward-looking statements may include statements relating to the
following: (i) future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition, dividend
policy, losses and future prospects; (ii) business and management strategies
and the expansion and growth of Bidco, the Wider Bidco Group or Mediclinic's
operations and potential synergies resulting from the Acquisition; and (iii)
the effects of global economic conditions and governmental regulation on
Bidco, the Wider Bidco Group or Mediclinic's business.

By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that shall occur in
the future. These events and circumstances include, but are not limited to,
uncertainties involved in the integration of acquisitions or new developments,
changes in legislation or the regulatory regime governing healthcare in
Switzerland, South Africa, Namibia and the United Arab Emirates, poor
performance by healthcare practitioners who practise in the Mediclinic Group's
facilities, unexpected regulatory actions or suspensions, competition in
general, the Mediclinic Group's ability to obtain or maintain accreditation or
approval for its facilities or service lines, changes in the global,
political, economic, business, competitive, market and regulatory forces,
future exchange and interest rates, changes in tax rates, future business
combinations or disposals, the impact of tax and other legislation or
regulations in the jurisdictions in which the Mediclinic Group operates, and
any epidemic, pandemic or disease outbreak. If any one or more of these risks
or uncertainties materialises or if any one or more of the assumptions prove
incorrect, actual results may differ materially from those expected, estimated
or projected. Such forward looking statements should therefore be construed in
the light of such factors.

None of Mediclinic, any member of the Wider Mediclinic Group, Bidco, any
member of the Bidco Group, or any of their respective associates or directors,
officers or advisers, provides any representation, assurance or guarantee that
the occurrence of the events expressed or implied in any forward-looking
statements in this Announcement shall actually occur. Given these risks and
uncertainties, potential investors should not place any reliance on
forward-looking statements.

Specifically, statements of estimated cost savings and synergies relate to
future actions and circumstances which, by their nature involve, risks,
uncertainties and contingencies. As a result, any cost savings and synergies
referred to may not be achieved, may be achieved later or sooner than
estimated, or those achieved could be materially different from those
estimated. As a result, and given the fact that the changes relate to the
future, the resulting cost synergies may be materially greater or less than
those estimated.

The forward-looking statements speak only at the date of this Announcement.
All subsequent oral or written forward-looking statements attributable to
Mediclinic, Bidco or any member of the Wider Bidco Group or the Mediclinic
Group, or any of their respective associates, directors, officers, employees
or advisers, are expressly qualified in their entirety by the cautionary
statement above.

Mediclinic, the Mediclinic Group, Bidco and the Wider Bidco Group expressly
disclaim any obligation to update such statements other than as required by
law or by the rules of any competent regulatory authority, whether as a result
of new information, future events or otherwise.

No statement in this Announcement is intended as a profit forecast, profit
estimate or quantified financial benefits statement for any period and no
statement in this Announcement should be interpreted to mean that earnings or
earnings per share for Mediclinic or Bidco, as appropriate, for the current or
future financial years would necessarily match or exceed the historical
published earnings or earnings per share for Mediclinic or Bidco, as
appropriate.

Publication on a website

A copy of this Announcement shall be made available, subject to certain
restrictions relating to persons resident in Restricted Jurisdictions, on the
websites of Mediclinic, Remgro and at
https://investor.mediclinic.com/regulatory-news/offer-mediclinic-international-plc
(https://investor.mediclinic.com/regulatory-news/offer-mediclinic-international-plc)
,  https://www.remgro.com/media-centre/disclaimer/mediclinic-offer/
(https://www.remgro.com/media-centre/disclaimer/mediclinic-offer/) and
https://www.msc.com/en/newsroom/press-releases
(https://www.msc.com/en/newsroom/press-releases) respectively by no later than
12:00 p.m. (London time) on the UK Business Day following the date of this
Announcement. For the avoidance of doubt, the content of these websites is not
incorporated into and do not form part of this Announcement.

 

 

-Ends-

 

 

 

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