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9/12/2017 7:05:00 AM
|AIP: ADCOCK INGRAM HOLDINGS LIMITED - Voluntary announcement - acquisition of Genop Holdings Proprietary Limited|
AIP: ADCOCK INGRAM HOLDINGS LIMITED - Voluntary announcement - acquisition of Genop Holdings Proprietary Limited Voluntary announcement - acquisition of Genop Holdings Proprietary Limited Adcock Ingram Holdings Limited Incorporated in the Republic of South Africa (Registration number 2007/016236/06) Share code: AIP ISIN: ZAE000123436 ("Adcock Ingram") VOLUNTARY ANNOUNCEMENT - ACQUISITION OF GENOP HOLDINGS PROPRIETARY LIMITED Adcock Ingram is pleased to announce that it has concluded a Share Purchase Agreement to acquire 100% of the shares of Genop Holdings Proprietary Limited and its subsidiaries ('Genop' or the 'Business') for a confidential purchase price, payable in cash, (the 'Genop Acquisition'). Genop is a highly specialised instrument, surgical and pharmaceutical products company focussed on the ophthalmic, optometry, skincare, aesthetic and plastic surgery segments in Southern Africa, with historic revenue of approximately R400 million per annum. Genop owns and markets the well-known Epi-max branded range of consumer products and holds exclusive distribution rights for leading international brands in the segments/categories in which it operates. The board of directors of Adcock Ingram considers the Genop Acquisition to present an attractive investment opportunity - Rationale for the Genop Acquisition: - Acquisition of the Epi-max brand and range of products. The brand is well established with strong awareness among consumers and dermatologists. The brand has potential for further line extensions. - Acquisition of one of the largest suppliers of optical instruments in South Africa. Genop has been one of the market leaders in this space for over 90 years. - Diversification. GenopÂ´s product portfolio has very little overlap with Adcock IngramÂ´s existing portfolio and allows for diversification into non-SEP (single exit price) regulated products in specialised areas or therapeutic categories, such as pharmaceuticals (OTC dermatology - Epi-max; ophthalmic products - contact lens solution), ophthalmics (lenses, diagnostic and surgical equipment, and consumables), dermatology (dermal fillers, medical cosmetics, aesthetic lasers) and plastic surgery (breast implants, scar therapy and compression garments). The Genop Acquisition is not a categorized transaction in terms of the JSE Limited Listings Requirements. Accordingly, no shareholder approval is required and this announcement is published voluntarily. The Genop Acquisition is subject to regulatory approvals and other conditions precedent typical for a transaction of this nature. A further announcement regarding the implementation of the Genop Acquisition will be made at the appropriate time. 12 September 2017 Midrand Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 12/09/2017 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.
|2017-09-12 07:05:00 Source: JSE News Service (SENS)|