Litha Healthcare jumps on delisting proposal

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Johannesburg - Litha Healthcare, a South African drugmaker, rose the most in almost ten months after saying its considering buying shares back and going private.

Stocks advanced as much as 9 percent, the most since May 3, and traded 7.5 percent higher at 3.60 rand by 11:02 a.m. in Johannesburg.

About 328,000 shares changed hands, more than three times the daily average over the past three months.

The Johannesburg-based company will probably offer holders 3.90 rand a share following a transaction where a black-owned company will take a stake in Litha, it said in a statement yesterday after normal trading hours.

Earnings per share adjusted for one-time items for 2012 will be 60 percent to 80 percent lower from a year earlier, because of transaction costs related to acquisitions and because of a weaker rand in the period, the company said in the statement. - Bloomberg News


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