SCHE -3x Short China

TIDMSCHE

RNS Number : 2984N

Southern Cross Healthcare Grp PLC

31 August 2011

31 August 2011

Southern Cross Healthcare Group PLC

("Southern Cross", "the Company" or "the Group")

Corporate Update

As part of the financial restructuring of the Group, the Board anticipates that Jamie Buchan will step down as Director and Chief Executive, once the process of transitioning homes is well advanced. The Board has been notified by Mr Buchan that when he leaves the Company he will not avail himself of his contractual rights to compensation for loss of office. In February 2011 Mr Buchan voluntarily reduced his salary by 20%.

Christopher Fisher, Chairman of Southern Cross, commented:

"Jamie Buchan's decision not to take compensation when he steps down as Chief Executive later in the restructuring process is entirely consistent with the tireless and selfless approach he has adopted while leading the management team at Southern Cross."

-Ends-

Enquiries:

 
Southern Cross Healthcare Group 
 PLC                                    +44 (0)1325 351100 
--------------------------------------  ------------------ 
Christopher Fisher, Chairman 
--------------------------------------  ------------------ 
Amy Kroviak, Corporate Communications 
--------------------------------------  ------------------ 
 
 
Financial Dynamics            +44 (0)20 7831 3113 
----------------------------  ------------------- 
John Waples / Ben Brewerton 
----------------------------  ------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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