Ramsay Santé gains ASX approval ahead of proposed demerger

ASX Listing Clears a Key Demerger Hurdle

Ramsay Santé has won approval for a foreign exempt listing on the ASX, giving Ramsay Health Care’s proposed demerger a defined Australian trading mechanism. The approval means eligible Ramsay Health Care shareholders are intended to receive CHESS Depositary Interests, or CDIs, rather than shares listed directly on Euronext.

Each CDI will represent a beneficial interest in one Ramsay Santé share and carry economically equivalent rights. Holders will be able to exercise voting rights by instructing the depositary nominee, according to the announcement. The listing approval follows the earlier ASIC booklet registration, which allowed Ramsay’s demerger proposal to proceed towards a shareholder vote.

52.79% Stake Still Subject to Approval

Ramsay intends to distribute its 52.79% shareholding in Ramsay Santé to eligible shareholders through an in-specie distribution implemented under a scheme of arrangement. That distribution is not yet unconditional: Ramsay shareholders must approve the transaction at the scheme meeting on 24 November, while the Supreme Court of New South Wales must also approve the Scheme and other conditions must be satisfied.

The legal pathway is already under way, following the NSW court order that convened the required demerger meetings. The latest announcement removes one specific uncertainty around how the separated European healthcare business could be traded in Australia, but it does not itself complete the separation or guarantee CDI issuance.

Trading Dates Set for December

Subject to the Scheme becoming effective, deferred settlement trading in Ramsay Santé CDIs is expected to start on 1 December 2026. The distribution is expected to be completed on 9 December, with normal settlement trading scheduled to begin on 10 December.

Ramsay Santé operates 491 facilities across France, Sweden, Norway, Denmark and Italy, employing about 40,000 people and working with 10,000 practitioners. The proposed transaction would give eligible Ramsay shareholders a directly tradeable interest in that European hospital and primary-care business, while leaving the timetable exposed to the 24 November vote, Court approval and the remaining admission conditions.