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Isle of Man-registered African Medical Investments raised £5.1m at 10p a share when it joined Aim on 27 June 2008, which valued the company at £5.6m. AMI, whose directors include former cricketer Phil Edmonds, started out as a shell planning to acquire businesses involved in healthcare in Africa. The first acquisition was VIP Healthcare Solutions Ltd, which manages trauma and health clinics in Zimbabwe and at Johannesburg airport in South Africa. The acquisition, which was completed at the end of December 2008, will cost up to £5m in shares - issued at 12.5p each. The initial payment was 16m shares. The total costs of the deal were £300,000. A clinic in Dar es Salaam, Tanzania was opened at the beginning of 2009 and this triggered the payment of a further 8m shares. The final payment of up to 16m shares is dependent on the ‘relevant profits’ of VIP Healthcare for the year to February 2010. These profits have to be at least $1.5m before any additional shares will be issued. The maximum consideration will be paid if profits exceed $2.5m. The clinics offer trauma, obstetrics, operating theatres, occupational health and well woman services. The company believes that demand for these services is increasing from the expanding middle class in Africa and expatriates.
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