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African Medical Investments

  • BY: Andrew Hore |
  • POSTED: 05/06/2009 |

African Medical Investments is raising £3m at 10p a share.

The trauma and health clinics operator intends to spend the money on additional sites, particularly the proposed well woman clinic and trauma centre in Maputo, Mozambique.

The existing clinics are in Tanzania, Zimbabwe and at Johannesburg airport in South Africa.

One warrant is being issued with every two placing shares. The warrants have an exercise price of 20p a share.

Non-executive directors Phil Edmonds and Andrew Groves are each subscribing for 5m shares. They will be investing £1m in total and will each own 10% of the company. The placing shares will be admitted to Aim next week.

AMI raised £5.1m at 10p a share when it joined Aim on 27 June 2008. The final payment for the acquisition of the company’s main subsidiary VIP Healthcare of up to 16m shares is dependent on the ‘relevant profits’ of VIP Healthcare for the year to February 2010.

AMI shares rose 0.25p to 12.75p each, which values AMI at £10.2m.

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