MDY Mdy Healthcare

TIDMMDY

RNS Number : 2625O

MDY Healthcare PLC

15 September 2011

MDY Healthcare plc

Disposal of Trust William Business

15 September 2011: MDY Healthcare plc ("MDY Healthcare" or the "Company"), the strategic investor in healthcare companies, today announces that the Company has, acting through its subsidiary Trust William Limited, sold the business and assets of Trust William Limited ("Trust William Business") to Optima Consumer Health Limited ("Optima"), a wholly owned subsidiary of William Ransom & Son Holdings plc, for a nominal consideration based on future net sales of the Trust William Business.

The Trust William Business was established in August 2007 as an online retailer of natural healthcare products, pursuant to joint venture arrangements between MDY Healthcare and William Ransom & Son Plc. In the year ended 30 September 2010, Trust William Limited had net sales of GBP145,000.

MDY Healthcare announced in its half year results in June 2011, that, following the completion of a strategic review of Trust William Limited, MDY Healthcare had entered into non-binding heads of terms to dispose of the Trust William Business for nominal consideration. MDY Healthcare also announced at that time that a full provision had been made against the loan to Trust William Limited.

The sale of the Trust William Business will terminate MDY Healthcare's obligation to fund that business, which has been loss making since its establishment.

MDY Healthcare will receive consideration for the sale of the Trust William Business of an aggregate amount equal to 2.5% of net sales of the Trust William Business for the period from 15 September 2011 to 1 April 2014. Payment will be made in cash to MDY Healthcare on a quarterly basis in arrears. These nominal sale proceeds will contribute to the administrative of costs of winding up Trust William Limited.

Following this disposal and the conclusion of the Company's cost reduction program, MDY Healthcare is now committed to realising the value in the Company's two successful investments, Medivance and Stanmore.

For further information, please contact:

 
MDY Healthcare plc 
Grahame Cook, Chairman         +44 (0) 20 3178 5925 
 
Zeus Capital Limited (Nomad) 
Ross Andrews, Andrew Jones     +44 (0) 161 831 1512 
 

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 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.

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