First Transfers of Care Homes - Correction (3041P)

TIDMSCHE

RNS Number : 3041P

Southern Cross Healthcare Grp PLC

30 September 2011

Correction: this statement replaces that which was issued at 7.19am this morning. The previous version reported that 3% of homes had transferred, the correct number is 33% as stated below.

Friday 30 September 2011

Southern Cross Healthcare PLC

("Southern Cross", or "the Company" or "the Group")

First Transfers of Care Homes to New Operators

and Board Changes

Southern Cross announces that:

-- business purchase agreements covering approximately 70% of the Group's care homes have been entered into and are unconditional; and

-- 33% of its care homes (250 by number) have transitioned to new operators following approval by the relevant Care Regulator and completion of care home staff consultation.

The transfer of this wave of homes is the first significant step in implementing the restructuring. Further transfers will follow in October and November.

As previously indicated, the Company confirms today the resignation of its chairman, Christopher Fisher, from the Board of Southern Cross, and the appointment of Stephen Taylor as a director. Mr Fisher stepped up to become Chairman in April 2011 and has led the Board through the subsequent restructuring process.

Mr Taylor is a Managing Director of Alix Partners and is a restructuring specialist, with extensive experience of multi party situations. Mr Taylor will continue to fulfill the role of Chairman of the Company's Restructuring Committee.

Jamie Buchan, Chief Executive of Southern Cross, commented:

"I would like to thank Christopher for his unwavering support. Having accepted the role of Chairman when the Company was already in crisis, he has displayed real courage together with a conviction to see the challenge through.

"Stephen Taylor's appointment further aligns the interests of the Company and its creditors as it enters the process of solvent wind down and I am confident that his experience of complex restructuring will prove beneficial."

Christopher Fisher said:

"Now that the transfer of homes has commenced, I consider my role complete. While the last year has thrown up many difficult issues, I very much appreciate the widespread support and effort which, allowing for the circumstances, has secured this outcome."

Enquiries:

 
Southern Cross Healthcare Group 
 PLC                                      +44 (0)1325 351100 
----------------------------------------  ------------------ 
Amy Kroviak, Director of Communications 
----------------------------------------  ------------------ 
 
 
FTI Consulting                +44 (0)20 7831 3113 
----------------------------  ------------------- 
John Waples / Ben Brewerton 
----------------------------  -------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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