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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Ramsay Health Care Limited    RHC   AU000000RHC8

RAMSAY HEALTH CARE LIMITED

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Ramsay Health Care : ASX Announcement – RGDS Launches Rights Issue as Part of Refinancing of Capio Acquisition

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03/24/2019 | 05:40pm EDT

ASX ANNOUNCEMENT

25 March 2019

RAMSAY GÉNÉRALE DE SANTÉ LAUNCHES RIGHTS ISSUE FOR EUR625M AS PART OF REFINANCING OF CAPIO ACQUISITION

Ramsay Health Care Limited (Ramsay) advises that on the evening of Friday, 22 March 2019 (AEDT), its French subsidiary, Ramsay Générale de Santé (RGdS), announced that it had launched its EUR625 million renounceable rights issue (RGdS Rights Issue) as part of its previously disclosed intention to refinance its purchase of Capio AB.

Under the RGdS Rights Issue, as announced by RGdS:

  • RGdS will issue 37,978,547 new shares (RGdS New Shares) for a total amount of EUR625,126,884.

  • RGdS shareholders will be entitled to participate in the RGdS Rights Issue on a 1 RGdS New Share for every 2 ordinary shares held basis. Rights to acquire RGdS New Shares may be traded on Euronext Paris during the rights trading period of 25 March 2019 to 3 April 2019 (inclusive).

  • The subscription price of RGdS New Shares is EUR16.46 per RGdS New Share, representing a 21.62% discount to the closing price (EUR21.00) on 20 March 2019.

  • The subscription period for RGdS New Shares will open on 27 March 2019 and end on 5 April 2019 inclusive.

As previously advised to the market, Ramsay and RGdS's other major shareholder, Prévoyance Dialogue du Crédit Agricole (Predica), have irrevocably committed to subscribe for a total minimum of €550 million in RGdS New Shares. Ramsay will be issued new RGdS shares amounting to EUR318.1 million (or 50.88% of the RGdS Rights Issue), and these shares will fully extinguish the existing subordinated bonds (and accrued interest) issued to Ramsay. The subordinated bonds, which were issued to both Ramsay and Predica were, in conjunction with the debt raised by RGdS, used to finance the acquisition of Capio AB.

Contacts:

Craig McNally

Carmel Monaghan

Managing Director

Chief of Staff

Ramsay Health Care

Ramsay Health Care

+ 61 2 9220 1000

+ 61 438 646 273

Disclaimer

Ramsay Health Care Limited published this content on 25 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 March 2019 22:39:03 UTC

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Financials (AUD)
Sales 2019 11 375 M
EBIT 2019 1 089 M
Net income 2019 563 M
Debt 2019 4 829 M
Yield 2019 2,06%
P/E ratio 2019 26,3x
P/E ratio 2020 22,9x
EV / Sales2019 1,72x
EV / Sales2020 1,52x
Capitalization 14 686 M
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Mean consensus HOLD
Number of Analysts 11
Average target price 67,20  AUD
Last Close Price 73,09  AUD
Spread / Highest target 5,49%
Spread / Average Target -8,06%
Spread / Lowest Target -22,0%
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Managers
NameTitle
Craig Ralph McNally Chief Executive Officer, MD & Executive Director
Michael Stanley Siddle Chairman
Bruce Roger Soden CFO, Executive Director & Group Finance Director
Peter John Evans Deputy Chairman
Roderick Hamilton McGeoch Independent Non-Executive Director
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