HCEG Healthcare Ent.

 

TIDMHCEG 
 
RNS Number : 1750R 
Healthcare Enterprise Group PLC 
27 April 2009 
 

 
 
Healthcare Enterprise Group plc 
("HCEG", "the Company" or "the Group") 
Disposal of further shares in First Aid Holdings Limited, issue of shares in 
Reproductive Sciences Limited, and update on equity for debt swap. 
Healthcare Enterprise Group plc (AIM: HCEG) announces that on 24 April 2009 it 
sold 40,000 shares in First Aid Holdings Limited ("FAH") for cash. Following 
this disposal the Company's holding in FAH will reduce from 11.2% to 
approximately 9.4%. The proceeds from the sale of FAH shares will be used for 
general working capital purposes. 
 
 
Under the AIM Rules, John Gunn (Non-Executive Director) is classified as a 
related party. Lyndon Gaborit (Executive Deputy Chairman) considers, having 
consulted with Daniel Stewart (the Company's Nominated Adviser), that the terms 
of sale and share issue are fair and reasonable insofar as its shareholders are 
concerned. 
Simultaneously, the Company received a share application for 25% equity in its 
wholly owned subsidiary Reproductive Sciences Limited ("RSL") for US$100,000 in 
cash. Following the issue of new shares  the Company's holding in RSL will 
reduce from 100% to 75%. The proceeds from the RSL share issue will be invested 
in Fertiligent Limited, an Israeli company which has developed a unique, high 
quality, low cost intrauterine sperm pump to help assist infertile couples 
conceive in a more effective, natural, less invasive manner than other more 
costly, conventional fertility treatments. Fertiligent Limited will use those 
funds to complete the approvals required by the US Food and Drug Administration 
("FDA") so that the product may be sold in the United States and some other 
countries. Approval has already been received from the European authorities and 
the appropriate CE mark is already registered. Following FDA approval and 
additional clinical trials currently underway in Israel, it is expected that 
product sales will commence in various countries late in 2009. 
 
 
Following this investment, RSL's direct equity in Fertiligent Limited will 
increase to 32.8%, with options to increase that to 68.0%, and RSL also retains 
the exclusive, worldwide sales and marketing rights to Fertiligent Limited's 
products. 
 
 
The Company also announces that it has received agreement in principle from the 
holders of its 2012 Convertible Unsecured Loan Notes, to convert the debt plus 
accrued interest into equity in HCEG, Ebiox or RSL. The details of the proposed 
conversion, which will be subject to the approval of shareholders in general 
meeting, will be advised by circular to shareholders in due course. Certain of 
the Company's trade and other creditors have also accepted payment in the form 
of HCEG shares, subject to shareholder approval. 
 
 
Publication of the Company's accounts of for the 16 months ended 30 June 2008 
has been delayed while these matters were being negotiated. It is now expected 
that these accounts together with Interim Results for the six months ended 31 
December 2008 will be made available to shareholders as soon as the details of 
the proposed conversion of Convertible Unsecured Loan Notes are concluded and 
announced. 
 
 
Pursuant to the announcement made on 22 December 2008, the Company's shares 
remain suspended from trading on AIM. 
 
 
Further Enquiries: 
Healthcare Enterprise Group Plc 
Lyndon Gaborit, Executive Deputy Chairman Tel: + 44 (0)1925 898 201 
www.hcegroup.com 
Daniel Stewart & Company Plc 
Graham Webster /Stewart Dick  Tel: + 44 (0) 207 776 6550 
Notes to Editors: 
Healthcare Enterprise Group PLC companies include Ebiox Limited, a specialist 
disinfectant and decontamination company which has a range of proprietary 
products patented and approved for sale in multiple world markets; Reproductive 
Sciences Limited which invests in medical devices product development, 
particularly in the area of women's' health; and investments in healthcare 
products and services. 
FAH and its subsidaries, which are independently owned, are engaged in the sale 
of first aid and healthcare related products. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAPLKAALNEEE 
 

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