9th Jul 2008 13:46
Southern Cross Healthcare Group PLC
Comment on press speculation and share price move
Wednesday, 9 July 2008 - Southern Cross Healthcare Group PLC (LSE: SCHE) ("Southern Cross" or the "Company") notes recent press speculation and today's move in its share price.
The Company confirms that, whilst it has received general enquiries from a number of parties regarding the Company's current situation, it has received no approach relating to an offer for the Company, nor is the Board seeking to procure any such offer.
The Board of the Company remains focused upon the potential sale of certain of the care home property assets currently held on balance sheet and necessary amendments to its existing banking arrangements to reflect the changed circumstances which now face the Company. A further announcement regarding progress of these matters will be made in due course.
-ends-
For further information, please contact:
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Southern Cross Healthcare Group PLC |
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Ray Miles, Chairman |
Tel: +44 (0)1325 351100 |
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Financial Dynamics |
Tel: +44 (0)20 7831 3113 |
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David Yates |
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Emma Thompson |
About Southern Cross
Southern Cross is, in terms of number of beds, the largest UK provider of care home services for the elderly and a major provider of specialist services for people with physical and/or learning disabilities. The Company's care homes for the elderly operate under two distinct brands: Southern Cross Healthcare and Ashbourne Senior Living. Both brands provide a range of social and personal care services and nursing care services for elderly people with physical frailties and differing forms of dementia. The Company's specialist services operate under the Active Care Partnerships brand and provide long-term care services for people with physical and/or learning disabilities and for younger people with complex forms of challenging behaviour.
Southern Cross is focused on providing high quality care in well invested facilities, seeking to be the home of choice in each local community in which it operates. The Company provides care services for most of the local authorities in the UK which, together with the NHS, represent over circa 70% of the Company's revenues. Its care home portfolio is largely purpose-built with a high percentage of single occupancy rooms and rooms with ensuite bathrooms. Occupancy levels in its core elderly segment are consistently in excess of 90%.
This announcement includes statements that are, or may deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or " should" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and the outlook on the care home industry. By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances.
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