MDY Mdy Healthcare

 

TIDMMDY 
 
RNS Number : 1219X 
MDY Healthcare PLC 
01 December 2010 
 

                               MDY Healthcare plc 
 
                                 Sale of shares 
                            Related party transaction 
 
1 December 2010: MDY Healthcare plc ("MDY Healthcare" or the "Company"), the 
strategic investor in healthcare companies,today announces that the Company has 
sold part of its shareholding in SIW Holdings Limited ("Stanmore"). 
 
The Company has sold 600,000 A Preferred shares in Stanmore to Alan MacKay, a 
former director of the Company, for a total cash consideration of GBP600,000 
(the "Transaction").  The Company will use the proceeds of the sale of these 
shares to fund the Company's ongoing operations, whilst continuing the review of 
the best strategic options for the Company's key investments.  The directors 
have made good progress with the Company's cost reduction programme and 
anticipate making further cost reductions in the future to conserve cash; these 
will be detailed in the Company's year end results to be published in early 
2011. 
 
MDY Healthcare acquired 3,000,000 A Preferred shares (approximately 18% of the 
current issued share capital of Stanmore on a fully diluted basis) in March 
2008. In MDY Healthcare's last published accounts (for the year ended 30 
September 2009), MDY healthcare held its investment in Stanmore at the original 
investment cost of GBP3,000,000. Following the Transaction, MDY Healthcare holds 
approximately 14.5% of the issued share capital of Stanmore and retains an 
option to appoint a director to the board of Stanmore. 
 
The sale of shares to Alan MacKay constitutes a transaction with a related party 
for the purposes of rule 13 of the AIM Rules for Companies (the "AIM Rules") by 
virtue of the fact that Alan MacKay is a former director of the Company.  Alan 
MacKay did not hold shares in Stanmore prior to the Transaction.  In accordance 
with the AIM Rules, the directors, having consulted with the Company's Nominated 
Adviser, Brewin Dolphin Limited, consider that the terms of the Transaction are 
fair and reasonable insofar as the Company's shareholders are concerned.  In 
advising the Board, Brewin Dolphin Limited has taken account of the directors' 
commercial assessment of the Transaction. 
 
 
For further information, please contact: 
 
+------------------------------+------------------------------+ 
| MDY Healthcare plc           |                              | 
| Grahame Cook, Chairman       |         +44 (0) 207 647 1800 | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Financial Dynamics           |                              | 
| Ben Atwell, Susan Quigley    |         +44 (0) 207 831 3113 | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Brewin Dolphin Limited       |                              | 
| (Nomad)                      |         +44 (0) 845 213 1000 | 
| Matt Davis                   |                              | 
+------------------------------+------------------------------+ 
 
 
Notes for editors: 
 
About MDY Healthcare 
MDY Healthcare plc is a sector specialised strategic investing company quoted on 
AIM (ticker symbol: MDY).  The Company seeks to achieve superior returns for 
shareholders by investing globally in companies, both public and private, across 
the healthcare sector.  The directors and executive have significant operational 
and investment experience in the sector and therefore the ability to identify 
and review a wide range of potential investments.  Further information can be 
found on the website www.mdyhealthcare.com. 
 
END 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCWGGAAGUPUGMU 
 

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