Oceania Healthcare’s cornerstone shareholder Macquarie Group sold a 15.6 percent stake in the aged care and retirement village operator for $104.5 million, reducing its holding to 41.7 percent.
Oceania Healthcare Holdings Ltd, the investment vehicle which owns the shares on behalf of Macquarie Group managed funds and senior managers, sold 95 million shares at $1.10 apiece in a bookbuild process to a range of New Zealand and Australian institutional investors, and New Zealand retail investors, according to a statement to the NZX.
The shares will resume trading today after being halted yesterday while Deutsche Craigs, Craigs Investment Partners, First NZ Capital and Macquarie Securities managed the sale, which was underwritten at $1.08 a share. The stock last traded at $1.14, having risen 13 percent over the past year.
Oceania Healthcare’s shares are rated a ‘hold’, according to analysts polled by Reuters, with a mean target price of $1.19. The shares were sold in an initial public offer last year at 79 cents.
Under the conditions outlined in the offer, restrictions on the Macquarie stake were lifted on July 27, after Oceania reported its 2018 annual result. The Macquarie sell down means it will no longer be able to control the appointment of any directors to the board.