Commentary
Overview
Life Healthcare performed well during the period under review and is in a healthy
financial position to deliver on its strategic objectives. The high incidence of
disease together with a growing and ageing medical aid population contributed
to an increased demand for hospital services. These factors and the increase in bed
capacity resulted in hospital paid patient days increasing by 2.5%.
Initial public offer (IPO), listing on the JSE and earnings
The Group completed its IPO on 10 June 2010 with new investors taking up 387 million
shares. The listing included the issuing of 321 million new shares raising R4 341 million
and simultaneously repurchasing an equal number of shares out of share premium
(R803 million) and distributable reserves (R3 216 million), which attracted an STC
charge of R322 million. The remaining 66 million shares were sold by shareholders to
the new investors. These transactions had the following effect:
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