ASX approval clears the way for Ramsay Santé CDIs
The ASX has approved Ramsay Générale de Santé SA’s (Ramsay Santé) application for admission as an ASX Foreign Exempt Listing, with Ramsay Santé having lodged an announcement regarding its successful application with Euronext. As a result, Ramsay Health Care Limited (ASX: RHC) has made an election under the Scheme to distribute Ramsay Santé CHESS Depositary Interests (CDIs) quoted on ASX, instead of Ramsay Santé shares listed on Euronext, to eligible Ramsay shareholders.
The Demerger is the proposed distribution of Ramsay’s 52.79% shareholding in Ramsay Santé by in-specie distribution, implemented through a scheme of arrangement under the Australian Corporations Act 2001 (Cth).
The issue of CDIs remains subject to Ramsay shareholder approval of the Demerger, Court approval of the Scheme and the admission of the CDIs to quotation on ASX. For eligible shareholders, the approval means they will be able to trade their interests in Ramsay Santé on the ASX rather than on Euronext, upon implementation of the Distribution.
How the CDIs will work
A CDI is a security that lets investors hold a beneficial interest in a share of an overseas-listed company through the ASX. The terms set out for the Ramsay Santé CDIs are:
- Each CDI will represent a beneficial interest in one Ramsay Santé share.
- CDIs will carry economically equivalent rights.
- CDI holders will exercise their voting rights by instructing the depositary nominee to vote on their behalf.
- Interests will be tradeable on the ASX upon implementation of the Distribution.
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Ramsay Santé at a glance
Ramsay Santé describes itself as the European leader in private hospitalisation and primary care. This is the scale of the business in which eligible Ramsay shareholders would hold an interest.
Ramsay Santé’s Q1 trading update showed EBITDA up 7.5% on sales growth of 2.9%, though net debt of about 5.1 times EBITDA remains above management’s target of below 4 times.
- 40,000 employees
- 10,000 practitioners
- 13 million patients each year
- 491 facilities across five countries (France, Sweden, Norway, Denmark and Italy)
What happens next for Ramsay shareholders
Each step below is subject to the stated conditions being satisfied.
- Ramsay shareholders vote on the Demerger at the scheme meeting on 24 November 2026.
- The Supreme Court of New South Wales considers approval of the Scheme.
- Quotation of Ramsay Santé CDIs on ASX is expected to commence on Tuesday, 1 December 2026 on a deferred settlement basis, subject to the Scheme becoming effective.
- Completion of the Distribution and issue of CDIs to eligible Ramsay shareholders is expected on Wednesday, 9 December 2026.
- Normal settlement trading is expected to begin on Thursday, 10 December 2026.
Further details are available in the Demerger Booklet published on Ramsay’s website. Shareholders can also contact the Shareholder Information Line on 1300 118 931 (within Australia) or (+61) 2 9290 9697 (international), on weekdays between 8.30am and 5.30pm (Sydney time).
The demerger booklet terms set out an entitlement of 0.25 Ramsay Santé securities per Ramsay share, a cash outcome for Small Shareholders holding 500 shares or fewer, and an independent expert view from Deloitte on whether the split serves shareholders.
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