18.12.2007

New Zealand Diagnostic Group was sold to a wholly owned subsidiary of Healthscope Limited (ASX:HSP), one of Australia’s largest healthcare groups. The transaction was all cash and realizes an IRR for Czura Thornton investors of 24% after fees and expenses.Czura Thornton formed NZDG on the purchase of Southern Community Laboratories and Medlab Hamilton in March 2004. The formation of NZDG created New Zealand’s second largest private medical laboratory group, providing high quality medical diagnostic services to community and hospital based clinicians around the country. At the time of sale Czura Thornton owned 82% of NZDG, with key pathologists owning the remainder.

Czura Thornton oversaw the merger of NZDG’s component parts and implemented new management and reporting processes. Czura Thornton also guided NZDG through a period of competitive bidding rounds for long term service contracts awarded by New Zealand’s District Health Boards.

Nick Thornton, Chairman of Czura Thornton’s Life Sciences practice and New Zealand Diagnostic Group said “We are delighted to have been involved with NZDG, our co-shareholders and New Zealand health reform, building value for our investors through the process. This sale marks an important step for NZDG as it becomes part of an international, diversified healthcare group, enabling it to take advantage of new economies of scale and expertise. We wish our friends and colleagues at NZDG very well for the future.”

About Czura Thornton: Czura Thornton was established in 2003 by Tony Czura and Nick Thornton. The firm invests in interesting opportunities where vision, skill, capital and good management can create excellent value for investors. The firm operates from premises in Geneva, Switzerland and Saint Petersburg, Russia. For further details see www.czurathornton.com

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