African Medical Investments Plc. : Conversion of Convertible Loan Notes

African Medical Investments plc / Index: AIM / Epic: AMEI / Sector: Healthcare
18 February 2013

African Medical Investments plc ("African Medical" or the "Company") Conversion of Harbinger Convertible Loan Notes and Total Voting Rights

African Medical Investments plc (AIM:AMEI), the AIM listed company operating in the African healthcare sector, announces that all but $2m of the loan notes previously subscribed for by Harbinger Capital Partners Master Fund I, Ltd ("Harbinger") totalling $6,837,929.60 of principal and interest, has been converted into 388,058,459 ordinary shares in the Company ("Ordinary Shares") (the "Conversion").
The loan notes converted by Harbinger, were originally issued pursuant to:
1. a loan note instrument entered into on 2 February 2011 as amended and restated on 15
August 2011 and 29 August 2012 and as subsequently amended on 1 October 2012 (the "1 October Amendment") and on 18 October 2012 (the "18 October Amendment") between Harbinger and the Company;
2. a loan note instrument entered into on 6 March 2012 as amended and restated on 29
August 2012 and as subsequently amended by the 1 October Amendment and the 18
October Amendment between Harbinger and the Company;
3. a loan note instrument entered into on 19 April 2012 as amended and restated on 29
August 2012 and as subsequently amended by the 1 October Amendment and the 18
October Amendment between Harbinger and the Company; and
4. a loan note instrument entered into on 29 August 2012 and as subsequently amended by the 1 October Amendment and the 18 October Amendment between Harbinger and the Company, together being referred to as the "Loan Note Instruments".

The Loan Note Instruments were converted at 1.125p per Ordinary Share, using a USD:GBP

exchange rate of 1.5663:1, being the spot rate prevailing at the close of business on 12
February 2013.
Application has been made for the 388,058,459 new Ordinary Shares to be admitted to trading on AIM, and admission is expected to take place on 20 February 2013. The new Ordinary Shares will rank pari passu in all respects with the existing issued Ordinary Shares of the Company. Following the admission of the new Ordinary Shares to trading on AIM, the total number of Ordinary Shares in issue will be 710,292,330.

Total voting rights

Following the Conversion, the total number of Ordinary Shares in issue will be 710,292,330. There are no shares held in Treasury. The total number of voting rights in the Company will therefore be 710,292,330.
The above figure of 710,292,330 may be used by shareholders as the denominator for the calculations in which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
The Company has been informed by Harbinger, that following Conversion, Harbinger holds a total of 528,539,048 Ordinary Shares, representing 74.4 per cent. of the issued share capital and voting rights of the Company.

African Medical Chief Executive Officer, Peter Botha said, "Further to the Company's announcement on Friday, I am pleased to report that this conversion of the Harbinger loan notes provides a financial boost for AMI and reduces the indebtedness of the Company. Our options in finding other financial solutions for the business have as a result improved and I look forward to updating shareholders in due course as we continue to improve occupancy rates and optimise the space of our medical facilities in order to create a foundation for sustainable profitability moving forward."

** ENDS **

For further information please visit www.amiplc.com or contact:

Peter Botha	African Medical Investments Plc	Tel: [phone]
David Foreman	Seymour Pierce	Tel: [phone]
Rick Thompson	Seymour Pierce	Tel: [phone]
David Hart	Daniel Stewart & Company Plc	Tel: [phone]
Martin Lampshire	Daniel Stewart & Company Plc	Tel: [phone]
Susie Geliher	St Brides Media & Finance Ltd	Tel: [phone]

Notes

African Medical Investments plc (AIM:AMEI) provides international standard healthcare through private hospitals across Africa, targeting the expanding African middle classes and the expatriate, non-governmental organisations, diplomatic and tourist markets. The Company currently has hospitals in Dar es Salaam (Tanzania), Maputo (Mozambique) and Harare (Zimbabwe). Its current focus is on improving occupancy rates and optimising the space of these facilities, however expansion remains a longer term focus either through the construction of new hospitals or investments in existing facilities.