Nam See's offer for HMI declared unconditional as to acceptances

Offer will not be extended.

Mainboard listed Health Management International Ltd. (HMI) announced that Nam See Investment (Pte) Ltd's
(NSI) recent voluntary conditional cash partial offer to the former's shareholders was declared unconditional as to acceptances on 9 October 2013.

NSI has also announced that the offer will not be extended and will not be open for acceptances beyond 5.30pm on 28 October 2013.

The offer was made on 30 September 2013 at a price of S$0.16 per share which represents a premium of approximately 15.94% to the last transacted price of S$0.138 per share as quoted on the Singapore Exchange as at latest close of market trading.

According to HMI, based on the terms of the offer, each Offer Shareholder may only accept and approve the offer in respect of the number of shares held by it as at 14 October 2013, the record date.

NSI's offer is a partial offer to acquire 61 million ordinary shares in the Company – effectively, it is an offer made for a “relevant percentage” of the shares in the Company held by the Offer Shareholders, being 18.11%. For instance, if an Offer Shareholder holds 1,000 shares as at the record date and wishes to tender all his shares, he is assured that at least 181 shares will be acquired while the take-up of the excess 819 shares will depend on the total number of acceptances received as at the closing date on 28 October 2013.

NSI believes that with statutory control of the Company, it will be in a better position to contribute to the Company and its subsidiaries to meet the challenges from increased competition in the healthcare sector in Malaysia, where the Group’s operations are principally based. NSI intends to carry on the Company and the Group’s business of providing healthcare services and has no intention to introduce major changes to the business, including to redeploy fixed assets of the Company and the Group or to discontinue the employment of the employees of the Company and the Group, other than in the ordinary course of business, barring unforseen circumstances.

Dr Gan See Khem, NSI’s Director and Executive Chairman and Managing Director of the Company said: “We are pleased to help our shareholders realize part of their investment with this offer, whilst they continue to participate in the future growth of the company.”

“This offer is a reflection of our strong commitment to HMI in light of the increasingly competitive environment in Malaysia’s private healthcare industry,” Dr Gan added.

NSI's offer remains conditional on NSI receiving the approval by the Offer Shareholders representing more than 50% of the valid votes received from Offer Shareholders.