Restructuring, Proposed Change of Name, etc

RNS Number : 2138A

CareCapital Group plc

28 March 2012

 



28 March 2012

CARECAPITAL GROUP PLC

("CareCapital", "the Group" or "the Company")

Restructuring, Proposed Change of Name

Changes to Senior Management and Board Responsibilities

Care Capital announces a restructuring to reflect its strategy to reposition the Group primarily as an investor in, and provider of, advanced cancer treatments.

Current investments in medical centre development projects are to be transferred to the Group's wholly owned subsidiary - The Healthcare Property Company Limited - which will continue to progress existing schemes and expand through securing new medical centre projects in the UK.  This company will also provide property related support services to the wider Group.

The Company also announces that it will be seeking shareholder authority at the earliest opportunity to change its name to Advanced Oncotherapy plc. 

Changes to Board and senior management responsibilities, all with immediate effect, to reflect the shift in strategic focus are set out below:

·      Lord Evans of Watford, currently the Senior Independent Non-executive Director, has become Non-executive Chairman

·      Dr Michael Sinclair has stepped down as Executive Chairman to become Group Chief Executive with a focus on developing and growing the Group's interests in advanced cancer treatments

·      Paul Stacey, currently Chief Executive, has become Managing Director of The Healthcare Property Company Limited

·      Dr Sinclair and Mr Stacey will continue as Directors of the Company.

Further appointments to the Board are expected to be announced in due course.

Commenting on the restructuring, proposed name change and new team responsibilities, Mike Sinclair, Group Chief Executive, said, "The new direction for the Company is today recognised in the restructuring of our businesses and management responsibilities as well as the proposed change of name and sector re-classification.  I very much hope that this sharper focus will enable the management team to continue to restore and create value for shareholders through our historic real estate activities and our newer, higher potential cancer treatment interests."

For further information, please visit www.carecapital.co.uk or contact:

Michael Sinclair, Chief Executive	Sandy Jamieson	Jon Levinson	Simon Hudson,
CareCapital Group Plc	Libertas Capital Corporate Finance Ltd	Rivington Street Corporate Finance	Tavistock Communications
0203 617 8739	(NOMAD & Joint Broker)	(Joint Broker)	(Financial PR & IR)
	020 7569 9650	020 7562 3357	020 7920 3150

About CareCapital

CareCapital is building a portfolio of innovative cancer services to capture opportunities in the cancer diagnosis and treatment market, building on the Group's 28.75% stake in Advanced Proton Solutions (Holdings) Ltd and its newly launched Oncotherapy Resources business focused on early stage breast cancer treatment.  Advanced Proton Solutions is pioneering the use of Proton Beam Therapy in the UK and which has secured planning approval for its first London based centre off Moorgate in the City of London, within easy access of a number of London's major hospitals.

CareCapital also specialises, as an innovative developer, in primary care real estate, focusing on multi-occupancy premises that accommodate a variety of different, but often synergistic healthcare providers.  This is particularly relevant at a time when the Government is intent on expanding primary care, bringing more services together under one roof and closer to patients in their own communities.  Working in partnership with local authorities, projects can involve significant urban regeneration, with mixed-use and mixed-economy developments incorporating housing, healthcare, childcare, retail and other appropriate facilities for the community.

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