AltX-listed Go Life International intends to acquire 100% of the shares and claims in medical device company Brittan Healthcare for R10-million.
“Brittan healthcare offers an instant market in the whole of Southern Africa through its own range of products and services and, going forward, through additional products and services offered by Elysium.
“The acquisition of Brittan Healthcare incorporates a well-known medical device, equipment and consumable products supply brand in the hospital and clinic space that will be of immeasurable value to carry Elysium products into this lucrative market,” Go Life said in a statement on Wednesday.
The purchase price for the shares in Brittan Healthcare comprises R2-million for 40% of the shares from Eagle Quest, settled through the transfer of 2.66-million existing Go Life International shares at 75c apiece and the balance of 60% from its founder in return for the option to acquire up to four-million existing shares in Go Life International at 75c apiece.
This option will be based on the performance of Brittan Healthcare for the 12 months to December 31, 2018, under the management of the founder.
In addition, Go Life has agreed to provide funding and to acquire existing claims of R8-million, which will be settled through a cash injection into the business of R1.9-million through a loan account and the balance by way of the transfer of existing shares in Go Life International; R3-million through the transfer of four-million shares to Zwelethu Equity Capital; R800 000 will be settled through the transfer of 1.06-million shares to the past and present Brittan Healthcare employees; and R2.3-million will be settled through the transfer of 1.33-million shares in Go Life to creditors of Brittan Healthcare.