NIB HOLDINGS LIMITED ASX Announcement
Date 21 November 2014
Subject Sale of investment in Pacific Smiles Group
nib holdings limited (ASX: nhf) today confirmed the sale of its shareholding in Pacific Smiles Group (PSG).
The 5,294,118 shares in PSG held by nib have been sold through an institutional bookbuild as part of PSG's IPO process. The sale price of $1.30 per share represents a price to earnings ratio of 22.1 times PSG's FY15 pro-forma forecast NPAT. This will equate to total proceeds of $6.9 million which will be re- invested in accordance with nib's investment policy. At 30 June 2014 the shares in PSG held by nib were carried as available for sale financial assets at a value of $3.5 million against an original cost of $1.5 million. The sale price will result in recognition of $5.4 million in investment income which on an after tax basis will increase nib's FY15 EPS by 0.86 cents.
PSG own and operate nib's seven dental centres located in Newcastle (NSW), Glendale (NSW), Sydney (NSW), Chatswood (NSW), Parramatta (NSW), Wollongong (NSW), and Melbourne (VIC). The relationship between nib and PSG is aimed at providing high quality dental services to nib customers.
Matthew Neat
Tel: 02 4914 1777
Mob: 0411 700 006
Email: m.neat@nib.com.au
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