Our thoughts on Healthscope

Bell Potter


Our thoughts on Healthscope. Under Healthscope's IPO, Healthscope Notes (HLNG) and Healthscope Notes II (HLNGA) holders have a guaranteed allocation of shares at a 2.5% discount to the final price. Holders who wish to Exchange need to lodge their Exchange Notice and Exchange application forms by 17 July 2014. HLNG and HLNGA investors who do nothing will be redeemed on 31 July 2014. Redemption will result in HLNG investors receiving $102.50 cash + accrued income of ~$1.11; HLNGA $105 cash + accrued income of ~$1.01. Redemption appears the more conservative option, where funds can be reinvested into ASX listed debt and hybrids. Exchange may be considered for investors with a higher risk tolerance (FY15 PE 20.0-23.0x, dividend yield 3.0-3.5%, no franking likely until FY2018).

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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