AMEI African Med

TIDMAMEI

RNS Number : 0533P

African Medical Investments PLC

19 October 2012

African Medical Investments plc / Index: AIM / Epic: AMEI / Sector: Healthcare

19 October 2012

African Medical Investments plc ('African Medical' or 'the Company')

Convertible Loan Note Instrument

African Medical Investments plc, the AIM listed company operating in the African healthcare sector, announces that Harbinger Capital Partners Master Fund I, Ltd ('Harbinger') subscribed on 18 October 2012 for the second and final balance of US$750,000 (the 'Final Balance') under the terms of a convertible loan note instrument constituted on 29 August 2012 (the 'August 2012 Convertible Loan Notes'). The initial balance of US$250,000 under the August 2012 Convertible Loan Notes was subscribed for by Harbinger on 29 August 2012.

In addition to the subscription for the Final Balance, Harbinger and the Company have agreed that:

(a) Harbinger will, in respect of its entire beneficial holding of shares in the Company, vote in favour of the special resolutions proposed at the Company's next annual general meeting for the disapplication of pre-emption rights that would otherwise apply on the issue of shares: (i) on conversion of the August 2012 Convertible Loan Notes and all other loan notes previously issued by the Company to Harbinger (together, the 'Convertible Loan Notes'); and (ii) the issue of up to 1.1bn shares for cash (the 'general disapplication authority');

(b) certain remaining restrictive covenants contained in the Convertible Loan Notes to which the Company would otherwise be bound are immediately terminated and cease to have any effect, except that the Company may only issue, pursuant to the general disapplication authority, up to a further 1.1bn ordinary shares (excluding any shares issued on conversion of the Convertible Loan Notes) for cash at a price per share of not less than 0.75p;

(c) the Company has released Harbinger from any liability arising from the Final Balance not having been subscribed for on 12 October 2012; and

(d) Harbinger will reimburse the Company for the costs incurred by its UK legal advisers and its nominated adviser in connection with the implementation of the above, and previously agreed, arrangements relating to an extension of the date for the subscription of the Final Balance, up to a cap of GBP40,000 (inclusive if any VAT, disbursements, charges and other expenses).

As Harbinger is a substantial shareholder in African Medical, the arrangements described above constitute a related party transaction under the AIM Rules for Companies. The Board, other than Joseph Cleverdon and Altaf Mackeen, the Harbinger nominated directors, having consulted with Seymour Pierce Limited, the Company's nominated adviser, consider the terms of these arrangements to be fair and reasonable insofar as shareholders are concerned.

** ENDS **

For further information please visit www.amiplc.com or contact:

 
 Peter Botha        African Medical Investments   Tel: +27 833 269 564 
                     Plc 
 Jonathan Wright    Seymour Pierce Ltd            Tel: +44 (0) 20 7107 
                                                   8000 
 David Foreman      Seymour Pierce Ltd            Tel: +44 (0) 20 7107 
                                                   8000 
 David Hart         Daniel Stewart & Company      Tel: +44 (0) 20 7776 
                     Plc                           6550 
 Martin Lampshire   Daniel Stewart & Company      Tel: +44 (0) 20 7776 
                     Plc                           6550 
 Susie Geliher      St Brides Media & Finance     Tel: +44 (0) 20 7236 
                     Ltd                           1177 
 

Notes

African Medical Investments plc (AIM: AMEI) provides international standard healthcare through private hospitals across Africa, targeting the expanding African middle classes and the expatriate, non-governmental organisations, diplomatic and tourist markets. The Company currently has hospitals in Dar es Salaam (Tanzania), Maputo (Mozambique) and Harare (Zimbabwe). Its current focus is on improving occupancy rates and optimising the space of these facilities, however expansion remains a longer term focus either through the construction of new hospitals or investments in existing facilities.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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