On 20 April 2012, the company raised US$375,000 by way of a subscription for loan notes (the 'Loan Notes') by Harbinger Capital Partners Master Fund I, Ltd ('Harbinger') under a newly constituted loan note instrument. The Loan Notes, which are unsecured, carry an 18% per annum coupon (compounded annually) which is repayable with the principal. The Loan Notes are repayable, at the latest, on 2 February 2016, or earlier in other limited circumstances including certain events of default. The Loan Notes may also be repaid at any time at the discretion of the Company.

On 15 June 2012 the company signed an agreement with Hotline Holdings (Proprietary) Limited to sell its entire interest in AMI Aviation, being 100% of the equity and the loan account, with effect from 31 May 2012. The primary asset of AMI Aviation is a Dassault Falcon 20F-5BR medical evacuation jet and associated medical equipment.

The total consideration of US$1.3 million will be paid as follows:

   --    10% initial down payment, received 25 April 2012 
   --    60% payable on completion of the sale agreement, received 15 June 2012 
   --    Remaining 30% to be paid within 135 days of completion of the sale agreement

On 29 August 2012, the company raised US$1,000,000 by way of a subscription for convertible loan notes (the 'Loan Notes') by Harbinger Capital Partners Master Fund I, Ltd ('Harbinger') under a newly constituted loan note instrument. The Loan Notes, which are unsecured, carry a 10% per annum coupon (compounded annually) which is repayable with the principal. The subscription proceeds are receivable in two tranches; US$250,000 was received by the Group on 29 August 2012 with the remaining US$750,000 receivable under a signed, legally binding agreement on or before 1 October 2012. The Loan Notes are convertible into ordinary shares in the company at 0.875p per share at the option of both the company and Harbinger. In the event the Loan Notes are not converted into ordinary shares, they are repayable, at the latest, on 2 February 2016, or earlier in other limited circumstances including certain events of default. The Loan Notes may also be repaid at any time at the discretion of the Company.

On 29 August 2012, the terms and conditions of all previous Loan Notes subscribed for by Harbinger Capital Partners master Fund I, Ltd ('Harbinger') were amended and restated as follows.

-- In respect of Loan Notes issued 20 April 2012. Interest rate was reduced to 10% per annum from 18% per annum. Introduced conversion of Loan Note to ordinary shares in the company at a price of 0.875p per share at the option of both Harbinger and the company

-- In respect of the Loan Notes issued 7 March 2012. Introduced conversion of Loan Note to ordinary shares in the company at a price of 0.875p per share at the option of both Harbinger and the company

-- In respect of the Convertible Loan Notes issued 4 February 2011 and subsequently amended 16 August 2011. Introduced conversion right at the option of the company and lowered the conversion price from 2p per share to 0.875p per share.

Whilst all of the Convertible Loan Notes are transferable, a further amendment to the loan notes originally announced on 4 February 2011 (the 'February 2012 Notes')) provides Harbinger with the right to transfer the February 2012 Notes with a nominal value of up to US$2.0 million, and also the right, but not the obligation, to amend certain of the terms and conditions of any such transferred notes.

34. Operating Leases

The Group, as a lessee, has rentals payable under non-cancellable operating leases as follows:

 
                                        2012        2011 
                                       $'000       $'000 
                                  ----------  ---------- 
     Less than one year                  540         602 
     Between one and five years            -         543 
     After five years                      -           - 
                                  ----------  ---------- 
                                         540       1,145 
                                  ==========  ==========

In the current year, the group has only reflected the remaining 10 months which will be payable for the hospital building in Dar es Salaam. Unlike previous years, the staff rentals have not been included because they are all paid in advance and on short term contracts ranging from 1 month to 3 months.

36. Contingent Liabilities

The Group had no contingent liabilities at year end.

37. Ultimate parent company and ultimate controlling partner

Harbinger Capital Partners Master Fund Limited, a company registered in the United States of America is the controlling party. There is no ultimate parent company.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR BKKDPPBKDFFN

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