Around $225 million in Ramsay Health Care (RHC) shares owned by the company’s late founder are to be sold.
About 4.4 million shares, equal to 2.2% of the company’s issued capital and owned by the late Paul Ramsay, who died in May, were being sold overnight to provide funds for cash bequests of his estate.
Deutsche Bank handled the sale.
If the shares are sold at or near their current market value, (they closed at $51.03, down 1% yesterday) the sale could raise about $224.5 million.
Mr Ramsay held 36% of Ramsay, and left almost all of his estate to the Paul Ramsay Foundation, which has a stated aim of benefiting the Australian community.
The foundation with its stake of 34%, has indicated it will remain a long term shareholder in Ramsay Health Care.
