In 2019, the Paul Ramsay Foundation sold a $A1.36 billion stake in RHC at $61.80, a 10.9% stake in Ramsay at the time – the Foundation set up by the late founder remains a major shareholder today. To put the deal into perspective, at the time, it was the largest non-energy sector block trade in Australia over the past 20-years, excluding the fully marketed Telstra offer. The stock enjoyed a brief surge higher in 2022 following a $88 bid by KKR, but the RHC board “cocked it up”, and the shares have since halved.
- RHC has struggled over the last three years with its European operation front and centre of its issues.
- We believe RHC is starting to offer some value, and its AGM last month was encouraging, but it needs a catalyst to get attractive.
MM is neutral towards RHC
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