Ramsay’s Santé split moves from proposal to shareholder vote

Court order moves Santé separation to shareholder vote

Ramsay Health Care (ASX:RHC) has secured the first court order needed to put its proposed Ramsay Santé demerger before shareholders, marking a significant step in the company’s plan to distribute its 52.79% shareholding in Ramsay Générale de Santé SA.

The Supreme Court of New South Wales has ordered Ramsay to convene both a scheme meeting and a preceding general meeting. The proposal, first outlined in the February Santé spin-off plan, would see the European healthcare stake distributed directly to Ramsay shareholders.

Board and expert support the proposed demerger

Ramsay’s directors are unanimously recommending that shareholders approve the resolutions. The general meeting is required to approve the capital reduction needed to implement the transaction, while the scheme meeting will deal with the arrangement itself.

Deloitte Corporate Finance, appointed as independent expert, has concluded that the demerger is in the best interests of Ramsay shareholders, subject to there being no superior proposal. That qualification matters: the expert’s conclusion supports the transaction as currently proposed, rather than removing the conditions still attached to it.

24 November meetings set after the annual meeting

The general meeting and scheme meeting will be held consecutively on 24 November 2026, immediately after Ramsay’s annual general meeting. The vote date had already been flagged in the September earnings and dividend update, which described the demerger as the next stage in Ramsay’s portfolio reshaping.

The demerger booklet will provide shareholders with the directors’ rationale, Deloitte’s report and the formal meeting notices once it has been registered with ASIC. Until shareholders vote and the remaining court and regulatory steps are completed, the proposed separation remains a transaction in progress rather than a completed distribution.