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litha healthcare Stocks gain on proposal for delisting

February 28 2013 at 08:00am
By Bloomberg

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Litha Healthcare rose the most in almost 10 months yesterday after saying it was considering buying shares back and going private, the pharmaceutical company said in a statement yesterday. Stocks of the company advanced as much as 9 percent, the most since May 3 last year, in morning trade on the JSE and closed 5.37 percent up at R3.53. About 328 000 shares changed hands yesterday, more than three times the daily average over the past three months. Litha would probably offer shareholders R3.90 a share following a transaction where a black-owned company would take a stake in the firm, it said after the market closed on Tuesday. Headline earnings a share for last year would be 60 percent to 80 percent lower than a year earlier, because of transaction costs related to acquisitions and because of a weaker rand in the period, the company said. – Bloomberg


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