ICG Asia Pacific Fund IV SCSP managed by Intermediate Capital Group plc (LSE:ICP) acquired Presmed Australia Pty Limited from Advanced Health Limited (JSE:AVL) and others for approximately AUD 45.2 million on December 23, 2022. With regard to Advanced Health’s equity interest in PMA, the Consortium will acquire and Advanced Health will sell its entire holding of 635,274 issued ordinary PMA shares (constituting 56.44% of the total 1,125,523 issued ordinary PMA shares), together with all the rights attached to the PMA shares as at the Effective Date (being 31 October 2022), including but not limited to, the right to receive all distributions declared, made or paid in respect of the PMA shares on or after the Effective Date. The Transaction equates to a 100% PMA equity valuation of approximately AUD 80.1 million and transaction consideration (before transaction-related fees and charges) for Advanced Health’s entire equity interest of AUD 45.2 million (approximately ZAR522.0 million). The Consortium will fund the Transaction consideration from available cash resources. The transaction represents the Fund’s fifth acquisition to date. Monash Advisory Group acted as financial advisor and Gilbert and Tobin acted as legal advisor to Advanced Health Limited.

Completion of the sale and purchase of Advanced Health’s shares pursuant to the Transaction is conditional on, and will not proceed unless and until, the following conditions are satisfied or waived in accordance with the executed SSA: The requisite majority of shareholders of Advanced Health approving all ordinary and special resolutions required to be passed in terms of section 115 of the Companies Act 71 of 2008 (“Companies Act”) and the JSE Limited (“JSE”) Listings Requirements to give effect to the Transaction, Within 30 business days of the Signature Date, the provision by the Consortium of unconditional and irrevocable proof of funds (“Cash
Confirmation”) in compliance with Regulation 111(4) read with Regulation 111(5) of the Companies Regulations, 2011 (“Regulation”) to implement the Transaction to the satisfaction of the Takeover Regulation Panel (“TRP”); and securing of all approvals, to the extent legally required, from all regulatory authorities, including the JSE, the TRP and the South African Reserve Bank (“SARB”), (including the issuance of an unconditional compliance certificate having been obtained from the TRP in terms of the Companies Act. The Transaction proceeds will initially be applied to restructure the Advanced Health group balance sheet by settling outstanding credit facilities and to finance the working capital requirements of the remaining South African operations. Miles Advisory Partners Pty Ltd. acted as financial advisor to ICG Asia Pacific Fund IV SCSP.

ICG Asia Pacific Fund IV SCSP managed by Intermediate Capital Group plc (LSE:ICP) completed the acquisition of Presmed Australia Pty Limited from Advanced Health Limited (JSE:AVL) and others on December 23, 2022. Grant Koch of DLA Piper acted as legal advisor to Intermediate Capital Group plc.